WHY MICHAEL PARKER DOESN’T SLEEP

The Citi never sleeps, and apparently neither does Michael Parker. In 2001, Mr. Parker directed Citigroup’s Global Shipping & Logistics division like an orchestra conductor – drawing out the diverse talents of far flung soloists by stitching together client needs, industry expertise, diverse financial products, and sometimes, we repeat sometimes, even providing capital!

The table that accompanies this article speaks volumes about what Citibank is, and isn’t, these days. Here are some of the highlights from where we sit. Citibank doesn’t like to deals that involve less than nine numbers – that’s right – hundreds of millions. There are a few eight-digit deals, like the ones for TMM and V Ships, but those are undoubtedly a cross sell to clients with whom they enjoy lucrative relationships. In the case of TMM’s baby securitization, Citibank also handles their larger banking and capital markets needs, which are massive. In the case of V Ships, we imagine Citibank has been given “value added” services such as cash management and FX, for the ship managers whopping 600 vessel fleet. Providing the dry powder for V Ships acquisition of Acomarit, which was subsequently sold to and bought back from ING, likely fell into the category of being courteous to a good client. As for the $20 million bond deal Citibank arranged for Great Eastern, you can rest assured that the offering proceeds took out Citibank bank debt, or served some other purpose.

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