Citi Bank sets up new team at China Desk for ‘emerging’ companies expanding to Singapore

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

“Singapore and the broader ASEAN region are key markets for growth for expanding Chinese emerging corporate. A majority of these clients set up holding companies in Singapore for their ASEAN units,” Lin Hsiu-Yi, ASEAN and Singpore head at Citi commercial Bank told CNBC.

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

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

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

The country issued hefty fines to companies including e-commerce giant Alibaba Group and social media company Tencent Holding as part of a widening crackdown and has vowed to draft new laws around technology innovation and monopolies.