A global investment bank has announced its plans to expand its commercial offering to multinational Australian businesses after identifying “significant opportunities” in the market.
Citi Commercial Bank has outlined its plans to build on its commercial footprint in Australia, after first entering the market in 2018.
The group revealed that it will offer mid-sized Australian companies – which operate both domestically and internationally – with access to its full suite of banking products and services, which include liquidity and global cash management, online digital hedging platforms, and access to financing options.
Alex Syhanath, head of Citi Commercial Bank Australia, said that the new strategy would both bolster efficiency and reduce costs for the bank’s clients.
“Citi’s global operations mean we can resolve a key pain point for Australian companies, who are frustrated they need to use a different platform or different banking provider in each new market,” he said.
Mr Syhanath said the group identified “significant opportunities” in the Australian market, adding that Citi is well placed to capitalise on growing demand for banking services from Australia-based multinationals.
“We are seeing a growing number of mid-sized Australian companies who are either operating internationally or looking to expand to overseas markets in the near future,” he said.
“These companies are the right target market for our commercial bank business and fit our proposition of service, digital, eCommerce, trade, manufacturing and supply chain.
“By giving them access to Citi’s global institutional platform, Citi is able to help drive the growth of our clients’ businesses, particularly as they look to expand offshore.”
Mr Syhanath, who joined the group in 2011 following stints at the Commonwealth Bank and Westpac, also revealed that Citi has expanded its team to 10, with plans to continue recruiting throughout 2019.