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For Immediate Release Citigroup Inc. (NYSE: C)

Citi Commercial Bank Asia Pacific Plans to Hire Close to 350 People Over the Next Three Years

March 08, 2022


As Citi's Commercial Banking business seeks to accelerate growth globally, the business will deepen investment in Asia Pacific and build scale with a focus on China, Hong Kong, India and Singapore.

Hong Kong – Citi Commercial Bank (CCB) Asia Pacific – which serves mid-sized companies and emerging corporates – plans to hire close to 350 people, including nearly 200 commercial bankers, over the next three years to accelerate growth in the region. The Asia Pacific hiring represents the largest investment in headcount across CCB globally.

A majority of these hires will be placed in China, Hong Kong, India and Singapore. In China, CCB plans to add over 80 new hires, and in Hong Kong, the business will add close to 100 additional people. In India and Singapore, around 80 and over 30 hires will be made respectively. Globally, CCB plans to hire 900 people, including 400 commercial bankers, over the next three years.

Driven by ongoing momentum in the region, CCB Asia Pacific is an attractive growth business and one that is strategically important to Citi and CCB globally. The business's 5-year Cumulative Average Growth Rate (CAGR) from 2017 to 2021 was 8%. In 2021, the business grew 12% over the previous year.

"Asia Pacific is home to a rapidly growing number of new and emerging corporates, as well as mid-sized companies, that are aggressively pursuing growth. Citi Commercial Bank is the ideal banking partner for these companies as we support their cross-border banking needs through our global network. These companies can also access Citi's broader institutional expertise across cash management, trade, and financing opportunities as they address growth challenges and opportunities," said Rajat Madhok, Asia Pacific Head, Citi Commercial Bank.

CCB Asia Pacific serves clients whose annual revenues range from US$10 million to US$3 billion. These are typically fast-growing companies with an appetite for international expansion. In 2021, we saw an over 70% increase in Capital Markets Origination (CMO) revenue from our CCB client base in Asia Pacific, a testament to their pace of growth as they tapped into new avenues of financing to support their expansion plans.

"As more emerging and mid-sized companies enter new markets and create global supply chains, there is a real need for sophisticated global banking services. This need, coupled with the growth potential of this client segment, is leading us to make investments so that we can serve clients at scale. We will grow our country CCB businesses in the region, build out our digital platforms and capabilities, and deepen penetration in emerging, high-growth disruptor sectors," added Rajat.

By recruiting industry expert senior bankers, and through enhanced training and development for existing bankers, CCB intends to expand its client base across high-growth disruptor sectors. This realignment will provide more tailored product offerings for clients and greater connectivity with the firm's other institutional businesses including Treasury and Trade Solutions, Securities Services, Markets, and Banking, Capital Markets and Advisory. The Commercial Bank will also look to strengthen its collaboration with Global Wealth Management, as both businesses can provide a uniquely holistic approach to the needs of owners and their portfolio companies.

The CCB business in Asia Pacific is present in 11 markets across Greater China, ASEAN, India, Korea and Australia. In 2021, the Asia Pacific business contributed to 41% of CCB's global revenues of US$2.7 billion.

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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Media Contacts:
Harsha Jethnani
James Griffiths