Citi’s commercial banking unit is in expansion mode with the Asia Pacific region accounting for the majority of the growth plans.
Citi Commercial Bank (CCB) will accelerate growth globally with plans to hire 900 people over the next three years, according to a statement, including 400 commercial bankers.
CCB targets mid-sized companies and emerging corporates with annual revenues in the range of $10 million to $3 billion.
Asia Focus
The majority of the recruitment plans will be focused around Asia which will account for close to 350 total hires over the three-year period, including nearly 200 commercial bankers.
Within the region, the key markets will include China (over 80 planned hires), Hong Kong (nearly 100), India (around 80) and Singapore (over 30).
«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,» said APAC head of CCB Rajat Madhok.
«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. 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.»
Business Growth
In 2021, CCB’s APAC business grew 12 percent annually, marking an 8 percent CAGR over a five-year period from 2017 to 2021.
Overall, the region accounted for 41 percent of CCB’s $2.7 billion in global revenues last year.
In addition to focusing on high-growth disruptor sectors, the CCB business will also look to enhance connectivity with Citi’s other institutional businesses including treasury and trade solutions; securities services, markets; banking, capital markets and advisory; as well as global wealth management.
