Citi targets further corporate banking growth across Asia Pacific Intra-Asian trade corridors growing fast as trade and supply chains evolve
In the first quarter of 2022, Citi has recorded growth of close to 30% across intra-Asia trade corridors that support local corporates and MNCs operating across the region. These are trade routes that start and end in a different Asian market and underline the increased activity by Citi’s corporate clients across the region. Citi banks over 10,000 institutional clients across the region and supports over 70% of the Fortune 500 with operations across Asia Pacific.
“This client led growth shows that despite increased global supply chain disruption, local and international companies are increasingly active across Asia. Trade is evolving and is increasingly flowing through Asia’s established and emerging trade corridors. As Asia’s leading corporate bank we are seeing strong momentum and growth across our network as well as wallet share gains in the region on the back of this trend,” said Kaleem Rizvi, Head of Corporate Banking, Citi Asia Pacific.
For Citi, this growth is coming as more clients turn to Citi’s strong and established institutional network across the region. The bank is celebrating its 120th anniversary of Asia operations this year.
Market share gains for Citi with clients have come in product areas such as TTS [Treasury and Trade Solutions] and Markets with a strong and healthy pipeline of client mandates set to underpin further momentum.
“This growth really is across multiple products and markets, strongly demonstrating that despite a volatile market backdrop our corporate clients remain increasingly active across the region. The big Asian macro trends of demographics, a rising middle class with increased digital access and usage means it remains a consumer market that all companies are increasingly targeting to support their own growth. Our priority and focus is to ensure that we bring the full strength of Citi’s unparalleled global network to help support our clients in their growth objectives,” added Kaleem.