Citi Appoints Indran Thana as ASEAN Head of Real Estate Investment Banking
Citigroup has appointed Indran Thana as managing director and ASEAN head of real estate in its investment banking division, according to an internal communication reviewed by Reuters. The role will be based in Singapore, and Thana is expected to take charge in June 2026.
His appointment comes as global banks continue strengthening sector-focused advisory teams across Southeast Asia, where investment activity in real estate, hospitality, and mixed-use development projects has been increasing. Thana is joining the bank from UBS, where he served as managing director and led the real estate, lodging, and leisure coverage for Asia. During his time at UBS, he worked on advisory and capital market transactions related to property developers, hospitality assets, and real estate investment platforms across the region.
Before his tenure at UBS, Thana held roles at several financial institutions, including DBS Bank, Maybank Investment Bank, and Amanah Capital. His experience across regional investment banking platforms has involved advising real estate companies on mergers and acquisitions, capital raising, and strategic transactions.
Within Citi's investment banking structure, Thana will report to Matthew Nimtz, the bank's head of ASEAN investment banking. He will also have a matrix reporting line to Ben Connolly, Citi's Asia head of real estate investment banking and co-head of capital markets and advisory for Australia and New Zealand.
The appointment reflects Citi's continued focus on sector-led advisory capabilities across Asia. Real estate remains a significant area for investment banking activity in ASEAN markets, supported by urban expansion, rising institutional investment in property assets, and the increasing role of real estate investment trusts and cross-border capital flows. Banks operating in the region have been strengthening their real estate coverage teams to capture opportunities related to large-scale development projects, hospitality investments, and portfolio transactions involving institutional investors.
