Citi China income from helping Chinese firms going global rises 30%
By Louise Ho |
November 12, 2011, Saturday
|
Print Edition
Print Edition
Citi China yesterday said it has seen a 30 percent increase over the past year in its revenue related to helping Chinese companies doing overseas business.
From 2005 to 2011, the number of Fortune 500 Chinese enterprises venturing overseas has quadrupled from 15 to 61, said Henry Zhang, head of global corporate bank at Citi China, wholly owned by Citibank.
"We think it's a strategic change to go from a local company to a multinational one," he said.
"Chinese companies will have many new financial needs as they make the change, such as managing the risks of foreign exchange."
Recognizing that increasing number of Chinese firms are venturing overseas, Citi China launched its China Desk in September 2010 to support the financial needs of these enterprises. The main services they need are project development, financing, capital management and risk management.
The bank has opened China Desks in Hong Kong, Singapore, London, New York, Dubai, Johannesburg, Nigeria and Algeria.
From 2005 to 2011, the number of Fortune 500 Chinese enterprises venturing overseas has quadrupled from 15 to 61, said Henry Zhang, head of global corporate bank at Citi China, wholly owned by Citibank.
"We think it's a strategic change to go from a local company to a multinational one," he said.
"Chinese companies will have many new financial needs as they make the change, such as managing the risks of foreign exchange."
Recognizing that increasing number of Chinese firms are venturing overseas, Citi China launched its China Desk in September 2010 to support the financial needs of these enterprises. The main services they need are project development, financing, capital management and risk management.
The bank has opened China Desks in Hong Kong, Singapore, London, New York, Dubai, Johannesburg, Nigeria and Algeria.
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