The company is planning to expand operations in North America, Asia and Latin America and start operations in certain parts of Europe
Citibank branch on Michigan Avenue in Chicago. (Credit: TonyTheTiger at English Wikipedia)
Citi Commercial Bank (CCB), which provides services to mid-sized firms in more than 60 countries, has unveiled its plans to recruit 900 people in the coming three years to accelerate growth plans.
Through the new hires, including over 400 commercial bankers, CCB intends to expand its operations in North America, Asia and Latin America and enter certain European markets.
The company aims to achieve scale by increasing the workforce in developed and emerging markets and leveraging its existing institutional infrastructure.
With the enhanced workforce, CCB is enabled to deliver Citi’s broad range of institutional products and solutions to mid-sized firms as they expand their operations.
Citi Commercial Bank global head Tasnim Ghiawadwala said: “In today’s interconnected world, mid-sized companies quickly outgrow the capabilities of a local or even a regional bank. They are going global faster and reaching scale sooner than ever before.
“CCB is the ideal banking partner for our clients as they seek Citi’s global connectivity and institutional expertise across working capital management and strategic capital market offerings.
“We can offer our mid-sized clients the suite of capabilities used by the largest companies in the world customised to their needs and scale of operations.”
CCB is investing in mid-size businesses and will hire the majority of people in the US, China, Brazil, India and countries in Western Europe, where business activity is expected to surge.
The company has been developing an advanced digital portal that enables access to all Citi’s products and services, and a fully digital channel for onboarding.
In addition, CCB aims to penetrate emerging disruptor sectors by hiring industry expert senior bankers and enhancing training and development for existing bankers.
The realignment is expected to provide more personalised product offerings for clients and enhance connectivity with Citi’s other institutional businesses.
Furthermore, CCB intends to strengthen its collaboration with Global Wealth Management, as both businesses aim to address the requirement of owners and their portfolio companies.
Ghiawadwala added: “The demand we are seeing for global products and a global platform makes me really confident about our value proposition and why I think we can continue to grow at a faster pace.
“CCB will focus on deepening client relationships through investment in our bankers and digital channels and by providing multiple client touchpoints into the rest of Citi. My priority is to unleash the power of Citi to this client set with market share gains to follow.”