It was a coup by the US bank over Swiss banks Credit Suisse and UBS, which have a more established corporate presence in Indonesia and regularly won mandates for government-related deals in the past, according to Thomson Reuters data. The deals came despite a setback for Citi in May, when the central bank banned the US unit from adding new credit card clients for two years and new customers for its premium wealth services for a year. The bans stemmed from a case of alleged embezzlement by a Citibank relationship manager and the death of a client following questioning by external debt collectors working on behalf of Citi. Germany's Deutsche Bank underwrote most stock offerings in 2011 based on value, while Citi came second. Other leading investment banks Goldman Sachs and Morgan Stanley are buying local brokerages to tap buoyant capital markets in a process likely to accelerate because Fitch Ratings last week upgraded Indonesia's status to investment grade. "Our key success this year is that we are a full services banking house and we tailored the deal based on the clients' needs," said Tigor M Siahaan, Citi Indonesia's chief country officer. "Some (banks) can only offer IPO's and could only place emphasis on it but Citi can step back and offer other ways," he said. The bank last year set up a team to focus on getting deals from state-owned enterprises, popular with a government looking to benefit from initial public offerings and rights issues. Citi reaped the reward when the government picked it to help sell $1 billion of Islamic bonds and state utility PT Perusahaan Listrik Negara chose the bank to handle its $1 billion Global bonds issue launched on two consecutive days in November at the height of the Eurozone crisis. "Markets were very volatile and the window was very narrow but we managed to capture the demand," said Kunardy Lie, Citigroup Indonesia's head of global banking, who handled both deals that together attracted demand of $12 billion. Citigroup also scored several big equity offerings this year including the country's biggest IPO by flag carrier PT Garuda Indonesia that raised 4.75 trillion rupiah ($523.7 million). The bank also helped manage a $1.3 billion rights issue by the nation's largest bank PT Bank Mandiri, Indonesia's second biggest rights issue ever. The lender stood third in the country's international bond sales table in 2010, according to Thomson Reuters' Deal Intelligence. "We have a good pipeline next year also for both but I think it's going to be cautious year due to global uncertainty," Lie added.