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SINGAPORE : Citigroup has said the number of Chinese clients for its corporate banking services could more than triple by the end of the year.
Currently, there are less than 100 Chinese companies in its portfolio.
The US bank is also looking to more than double its headcount in China to 12,000 in three years to tap opportunities in the Chinese market.
Citigroup wants to beef up its presence in China.
The lender plans to hire 500 staff by year-end, pushing total headcount to 5,000.
And by 2013, it will have 12,000 employees in China.
The move will allow Citigroup to serve a rising number of Chinese companies that are setting up treasury centres worldwide.
Henry Zhang, head of corporate bank, Citi China, said: "Over the last two three years, we see specific trends happening for Chinese companies. In the past, they are very big, but big only in China. Now, they are very big globally. Their requirement for banking has also become very demanding and more complicated. They are more sophisticated as a buyer or service user."
More Chinese companies are also setting up global headquarters outside China.
Citigroup said they come from diverse sectors including energy, transportation and consumer electronics. And many of these companies have opted to go to Singapore.
So, the lender has set up a new China Desk in Singapore with about 10 relationship managers and product specialists.
Citibank Singapore currently hires 8,400 employees.
Michael Zink, Country Officer for Singapore, Citi, said: "If you are looking for a place to operate, Mandarin is spoken here and it is spoken a lot. Mandarin is also spoken in Hong Kong, but we are saying to these companies to come out of your home market."
The bank said its China Desk will work closely with Citibank's offices in various Chinese cities to better serve the needs of Chinese companies. - CNA/ms
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