CITI Bank sets up a new team to support the emerging companies expanding to Singapore

With annual revenues of up to $1 billion, Citi Commercial Bank focuses on mid-sized companies which are looking to expand overseas.

A new team has been set up by Citi Bank’s commercial desk at the China Desk to assist ‘emerging’ Chinese companies expand to Singapore, CNBC reported.

Lin Hsiu-Yi, ASEAN and Singapore head at Citi Commercial Bank told CNBC, “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.”

The report added, Mona Zhang headed the new China desk a banker who previously focused on mid-sized companies at Citi Commercial Bank’s office in China.

With annual revenues of up to $1 billion, Citi Commercial Bank focuses on mid-sized companies which are looking to expand overseas. In recent years Singapore’s charm as a business centre has grown up as tension between the US and China has risen. Singapore’s appeal is expected to get increased by China’s recent crackdown on technology companies.

In recent months Beijing has been firming its grip on internet platforms citing the risk of abusing market power to stifle competition, misuse of consumers’ information, and violation of consumer rights, in a reversal after years of a more laissez-faire approach.

Hefty fines have been issued by the country to companies including e-commerce giant Alibaba Group and social media company Tencent Holdings as part of a widening crackdown and have vowed to draft new laws around technology innovation and monopolies.

The report said, as compared to the previous year Citi stated that its revenues from client services and flows from China to Singapore had more than doubled last year. Chinese companies including Tencent, TikTok owner ByteDance, and video-streaming platform iQiyi have also expanded to Singapore.

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