Business

Citi bolsters Asean banking team with 30 hires over past year

Citigroup said it has hired about 30 bankers over the past year across its banking, capital markets and advisory teams in the 10-member Asean region, spurred by robust growth in its banking business.

Countries in the bloc such as Vietnam and Thailand are benefiting from the ongoing Sino-US trade war as companies start to shift supply chains to South-east Asia to escape tit-for-tat tariffs that the world's two biggest economies are imposing on each other's goods and services.

"We are seeing growth across local Asean companies increasingly going global," Mr David Biller, head of Citigroup's Asean banking, capital markets and advisory team, said in a statement yesterday.

"On the inbound, global multinational companies are increasingly investing in Asean and the supply chain shift through many Asean countries is leading to increased opportunities for Citi's Asean banking network," said Singapore-based Mr Biller.

The hires include bankers in Indonesia, Thailand, Vietnam and Malaysia - some of Citigroup's fastest-growing markets in the Asia-Pacific region.

On Monday, Citigroup topped expectations for quarterly profit as a tight lid on costs and strength in consumer lending helped it counter weakness in its trading business. However, corporate lending was 9 per cent lower than in the year-earlier period. - REUTERS

BUSINESS & FINANCE