Citi sees strong growth in banking clients along Asian trade corridors for 2019

Wednesday, 13 February 2019 00:00 - - {{hitsCtrl.values.hits}}

Citi is targeting 25% growth in revenues from client work in intra-Asia trade corridors in 2019. This comes after the bank reported strong growth in these corridors in 2018.

Citi’s client growth will mainly come through a series of key trade corridors in the Asia Pacific region that the bank has identified and invested further resources in which has supported growth. The bank’s key corridors include Korea to ASEAN, Korea to China, Korea to India, Japan to ASEAN, Japan to China and China to ASEAN.

“Asia is capturing a greater share of global trade and US companies will increasingly target Asia and we expect strong growth as intra-Asian trade corridors expand further,” Citi’s Head of Corporate Banking, Asia Pacific Gerry Keefe said.

Having recognised the shift in trade flows and the stronger presence that China and broader Asia will continue to play in the movement of trade flows, Citi put in place a strategy to capitalise on the ongoing growth along these corridors.

Citi opened additional Asia desks over 2017and 2018 to help clients as they look to expand to new areas and markets across these corridors. The bank now has over 20 Asia desks in operation – including 11 China Desks, nine Korea Desks and an India Desk in New York and Korea.

“Our established network and product capabilities ensure that Citi is well placed to help clients mitigate risks and thrive in this environment,” Citi Country Officer Sri Lanka Ravin Basnayake said.

The work Citi does for clients in these corridors includes capital raising, M&A, trade finance, cash management and FX hedging. Clients include all of Asia’s major corporate champions and emerging champions and also leading companies in the Fortune 500 – where Citi already banks 90% of this group in the region.

“We are banking many of Asia’s corporate champions and major MNCs with the country desks supporting clients globally. With a global network and in-depth local expertise in each of our markets, we are uniquely positioned to advise our clients as they think through this evolutionary process and the potential future optimisation of their operations and supply chains,” said Gerry.