CITIC Bank International (CBI), a wholly-owned subsidiary of CITIC International Financial Holdings, has opened a new branch in Singapore.
CBI said that its Singapore branch will serve businesses in the Southeast Asia region, including corporate customers and partners of CITIC Group companies, as well as ASEAN-based customers who have trade with or investment in China.
The opening of the Singapore branch through CBI gives CNCB Group a strategic footprint in a region which counts as the fourth largest trading partner of China. For the first 11 months of the year, China’s trade with ASEAN countries rose 41% year-on-year to $263bn, making it the largest trading partner of the region.
CBI CEO Doreen Chan said the bank’s investment in Singapore underscores CBI’s commitment to be closer to clients’ business needs, and to help clients realize their growth potential in Asia; particularly in maximizing the tremendous opportunities in China, where CBI offers unsurpassed market knowledge and connectivity through our relationships with and support from both parent bank CNCB and ultimate.