SINGAPORE — Citi’s commercial banking unit has set up a China desk in Singapore dedicated to helping “emerging” Chinese companies expand into the city-state and Southeast Asia, the bank told CNBC.
Citi Commercial Bank serves growing mid-sized companies with annual revenues of up to $1 billion. Many such companies from China have set their eyes on expanding overseas — even as their large home market offers plenty of growth opportunities.
And Singapore, a business and financial center in Southeast Asia, has emerged as a favored destination among Chinese companies of various sizes. Major Chinese firms that have expanded to Singapore include tech giant Tencent, TikTok-owner ByteDance and video-streaming platform iQiyi.
“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,” said Lin Hsiu-Yi, ASEAN and Singapore head at Citi Commercial Bank.
Continue reading Citi sets up new team to help ’emerging’ Chinese companies expand to Singapore on CNBC
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