Citigroup Inc.’s Asia-Pacific operations posted record quarterly revenues in the three months to September, boosted by new share sales and bond offerings it backed in the period.

The strong results came on the back of announcements it plans to pull out its consumer operations in 11 countries including its retail operations in Japan and its consumer finance business in South Korea to further streamline the company.

In the quarter, revenues grew 8% to all-time high of US$3.9 billion, a fifth of global revenues, while net income was $1.1billion, up 39% from a year ago, equivalent to a third of the bank’s global net income. Earnings before interest and tax rose 36% from year earlier to $1.6 billion.

In its global earnings, net income rose to $3.44 billion, up from $3.23 billion a year earlier. Revenue rose 9.5% to $19.6 billion or $19.98 billion on an adjusted basis.

In Asia-Pacific, revenue was split evenly between its institutional and retail businesses. Global consumer banking posted revenues of US$1.9 billion, up 4% from a year ago led by China and India, while the institutional client group, which includes investment and corporate banking, markets and transaction services, reported revenues of US$1.9 billion, up 14% on year.

The performance was helped by its advising role on the biggest initial public offering in history when the Alibaba Group Holding raised $25 billion in September from its New York listing. Citi helped raised over US$50 billion for Asian clients from the capital markets in the quarter.

The bank also priced over 30 debt transactions in the quarter, including a debut euro denominated bond from the Republic of Indonesia. It announced close to US$30 billion in merger and acquisitions from July to September 2014. This included advising on a US$2.4 billion investment by a consortium into China Huarong Asset Management, the largest private placement investment into a Chinese asset management