Ben Ngai, head of Citigroup's Hong Kong investment banking business, is set to leave the company, according to people familiar with the matter.

Sources, who requested anonymity due to discussing private information, stated that Alex Schrantz, head of corporate finance for Citigroup in Asia, will temporarily oversee Hong Kong's investment banking operations.

A Citigroup spokesperson affirmed the bank's continued commitment to its Hong Kong investment banking business and emphasized plans to bring in key talent to support client needs, but declined to comment on Ngai's departure.

This year has seen a significant rebound in Hong Kong's equity capital markets and M&A activity. Data shows that IPO fundraising in Hong Kong has exceeded $32 billion, the highest level since 2021, while M&A deals involving Hong Kong companies totaled $57 billion, up nearly 50% compared to the same period in 2024.

According to Ngai's LinkedIn profile, he first joined Citigroup in 2004, later worked at Credit Suisse and Standard Chartered, and returned to Citigroup in 2022.