 "American lender Citi to hire 80 commercial bankers in India in 3 years")
As it winds down its retail bank in the country, American lender Citi on Tuesday said it will be hiring 80 bankers in India over the next three years for its commercial banking vertical.
The move is part of a plan to hire 350 bankers in Citi Commercial Bank Asia Pacific over the next three years, as per a statement.
As per reports, the bank, which had taken a decision to exit the retail banking business in most of the markets globally, is in advanced stage of selling the business in India, with Axis Bank leading the race.
The bank had earlier specified that the move to sell the retail business is driven by the global decision, and it will continue to grow in other areas like commercial banking.
The commercial banking business serves mid-sized companies and emerging corporates, with revenues ranging from USD 10 million to USD 3 billion annually.
"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 Rajat Madhok, head of Citi Commercial Bank for Asia Pacific.
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He added that the lender will be pitching to support such emerging corporates' cross-border banking needs through its global network, and also offer institutional expertise across cash management, trade, and financing opportunities to them.
The lender said in 2021, it witnessed a 70 per cent growth in Capital Markets Origination (CMO) revenue from the commercial banking client base in Asia Pacific.
Other markets in the Asia Pacific region which will see hiring in the next three years include China (80), Hong Kong (100) and Singapore (30 hires), the statement said.
"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.
"This need, coupled with the growth potential of this client segment, is leading us to make investments so that we can serve clients at scale," Madhok said.
The lender is targeting to expand its client base in the high-growth sector by recruiting expert senior bankers and training of existing staff, the statement added.
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