Citi Commercial Bank to add 350 new hires in Asia-Pacific over next 3 years
CITI Commercial Bank (CCB) Asia Pacific is planning to hire close to 350 people, including nearly 200 commercial bankers, over the next 3 years to accelerate growth in the region, it said on Tuesday (Mar 8).
This comes after Citi announced it was selling its consumer units in Indonesia, Malaysia, Thailand and Vietnam to UOB, as well as its consumer business in Taiwan to DBS.
The lender had in 2021 said it would exit from 13 retail markets - including Australia, South Korea, Russia, India and China - to focus on wealth management.
Citi's commercial banking unit serves mid-sized companies and emerging corporations whose annual revenues range from US$10 million to US$3 billion. Its clients are typically fast-growing companies with an appetite for international expansion, the lender noted.
The Asia Pacific hiring will represent the largest investment in headcount across Citi's commercial banking business globally, it said.
It plans to add over 80 new hires in China, close to 100 new hires in Hong Kong, around 80 new hires in India and over 30 new hires in Singapore.
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The lender noted that the ongoing momentum in the region makes the Asia-Pacific unit "an attractive growth business and one that is strategically important to Citi and CCB globally".
"Citi Commercial Bank is the ideal banking partner for these companies as we support their cross-border banking needs through our global network," said Rajat Madhok, CCB's Asia-Pacific head.
Madhok said Citi will grow its commercial banking business in the region and "deepen penetration in emerging, high-growth disruptor sectors", noting that CCB's client base in Asia-Pacific posted an over 70 per cent increase in capital markets origination revenue in 2021.
The lender plans to expand its client base across high-growth disruptor sectors by recruiting industry expert senior bankers, and through enhanced training and development for existing bankers.
CCB will also look to strengthen its collaboration with Citi's global wealth management unit, to "provide a uniquely holistic approach" to the needs of owners and their portfolio companies, it said.
In the Asia-Pacific region, Citi's commercial banking business is present in 11 markets across Greater China, Asean, India, Korea and Australia. The region contributed to 41 per cent of CCB's global revenue in 2021.
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