Citi expands medium-sized business operations in Thailand, Asia
International bank Citi is set to aid the expansion of medium-sized businesses in Thailand and Asia. The move comes as economies in these regions experience high growth rates, presenting lucrative opportunities for companies to penetrate overseas markets.
The managing director and head of Citi Commercial Bank (CCB) for Asia North, Australia, and Asia South, Gunjan Kalra, highlighted Asia’s rapid economic growth, its allure for foreign direct investment (FDI), and the blossoming trade and investment opportunities it offers.
This robust growth in Asia is expected to enhance the efforts of regional, medium-sized companies to expand across borders.
“Citi, through our specialised business unit CCB, is ready to back the global aspirations of medium-sized enterprises in Asia and Thailand.
Under CCB’s robust capabilities, the bank extends a broad array of financial services covering money and capital markets, thereby facilitating seamless cross-border expansion both regionally and globally.”
Kalra, who was recently in Thailand for the Money 20/20 exhibition in Bangkok, went on to add, that CCB solutions allow mid-sized clients to tap into global banking services that match those offered to our large corporate clients, setting Citi apart from its competition.
CCB offerings
Kalra further explained that CCB provides global banking solutions to medium-sized companies that aim to expand rapidly and internationally. The evolution of these enterprises is faster than ever, typically transforming into large multinational corporations in five to ten years, a process that used to take significantly longer.
She added that Citi, with its extensive global network, customised solutions, and deep industry expertise, can aid businesses across various sectors to prosper at different stages of their growth journey.
CCB offers a range of transactional banking services, including payments, cash management, lending, trade finance, and foreign exchange. It also provides more sophisticated financial solutions, such as cross-border structured loans, export financing, and environment, social, and governance finance.
With operations in 95 countries, CCB caters to mid-sized enterprises in core industries like digital technology, consumer retail, healthcare, and industrial.
In Thailand, Citi partners with government authorities to attract FDI, particularly in targeted sectors such as electric vehicles, electronics, technology, and healthcare. This collaboration aims to establish Thailand as a strategic hub for inbound foreign investment.
Pointing towards the future, Kalra further noted that Thailand has long been a key destination for FDI and inbound capital. Now it’s time to pivot towards outbound expansion. She also mentioned that Citi had recently assisted five Taiwanese companies in setting up new greenfield ventures in Thailand.
In the previous year, Citi Thailand completed its first social finance deal with a Thai client. This move aims to promote customer growth while transitioning towards sustainable finance practices.
Kalra emphasised the crucial role of digitalisation in facilitating the cross-border expansion of medium-sized enterprises, reported Bangkok Post.
