Citi Commercial Bank Opens China Desk in Singapore
In this article (5)
The new China desk in Singapore adds to CCB’s network of six Asia desks in the region, which supports clients’ banking needs across intra-Asia growth corridors.
Citi Commercial Bank (CCB) Asia Pacific has set up a China desk in Singapore, facilitating access to the cit-state and wider ASEAN region for emerging corporates from China, it announced on Monday.
Mona Zhang, previously parent account manager for mid corporates in CCB China’s office, is leading the desk. Zhang brings a wealth of knowledge and experience in understanding the business landscape in China and serving the needs of Chinese corporates.
She will build the bank’s relationships with China-based clients and support their expansion plans into Singapore and as well as the rest of ASEAN, Citi said in a statement.
Citi highlighted CCB’s growth across China to Singapore as well as China to ASEAN corridors. Last year, it more than doubled revenue in the China to Singapore corridor, supported by 35 percent growth in new client acquisition. Momentum in new client acquisition also resulted in a doubling of revenue in the China to ASEAN corridor last year, Citi said.
Singapore and the broader ASEAN region are key markets for growth for expanding Chinese emerging corporates. A majority of these clients set up holding companies in Singapore for their ASEAN units, with the market serving as a treasury and funding hub, Lin Hsiu-Yi, CCB ASEAN and Singapore head, said.
Other CCB desks in the region include a Korea desk in China, Hong Kong, India and Vietnam; a Greater China desk in Hong Kong; and a China desk in India.
Questions & Answers
Q.What is the primary purpose of the new China desk established by Citi Commercial Bank in Singapore?
What is the primary purpose of the new China desk established by Citi Commercial Bank in Singapore?
The desk facilitates access for emerging Chinese corporates to Singapore and the wider ASEAN region. It supports their expansion plans and helps build the bank's relationships with these clients, using Singapore's role as a key market.
Q.Who is leading the new China desk in Singapore and what experience does she bring?
Who is leading the new China desk in Singapore and what experience does she bring?
Mona Zhang is leading the desk. She was previously a parent account manager for mid-corporates in CCB China and has extensive experience in understanding China's business landscape and serving Chinese corporates' needs.
Q.How has Citi Commercial Bank's business performed in the China to Singapore and China to ASEAN corridors recently?
How has Citi Commercial Bank's business performed in the China to Singapore and China to ASEAN corridors recently?
Last year, CCB more than doubled its revenue in both the China to Singapore and China to ASEAN corridors. This growth was notably supported by a 35 percent increase in new client acquisition in the China to Singapore corridor.
Q.Why is Singapore considered an important market for expanding Chinese emerging corporates in the ASEAN region?
Why is Singapore considered an important market for expanding Chinese emerging corporates in the ASEAN region?
Singapore is crucial because a majority of these clients establish holding companies there for their ASEAN units. The market effectively serves as a central treasury and funding hub for their regional operations.
Reader pulse
Is Citi's new China desk a deliberate step?
22,484 votes so far