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Citi expands China desk in Singapore
CITI on Tuesday said the US bank has expanded its China desk, adding a second desk in Singapore.
This business supports Citi's Chinese clients that are using Singapore as an access point into Asean. The move comes on the back of investment trends led by the Belt and Road Initiative.
Citi cited numbers showing that China's FDI (foreign direct investments) into Asean has grown to over US$9 billion in 2016 from US$6.5 billion in 2015.
The new desk in Singapore comprises 10 relationship and product managers, selling banking solutions such as cash management, trade financing, hedging, and FX solutions.
The bank will also offer advisory services related to mergers and acquisitions, debt and equity offerings, as well as "the understanding of local operating and regulatory environments".
Citi's first Singapore-based China desk was launched in 2010. Citi now has eight other China desks outside of the two in Singapore - Hong Kong, London, New York, Dubai, Johannesburg, Sao Paulo, Kazakhstan, and Kenya.