Citigroup : Citi to Hire 50 for Commercial Banking Growth in the Greater Bay Area

For Immediate Release

Citigroup Inc. (NYSE: C)

March 31, 2022

Citi to Hire 50 for Commercial Banking Growth in the Greater Bay Area

highlights

To build a pipeline of talent, Citi has launched a new Greater Bay Area (GBA)-focused Commercial Banking talent development program

• Around 1/3rd of Citi Commercial Bank's new mainland China and Hong Kong hires will be GBA-focused
• Citi's new GBA Commercial Banking talent development program draws 1,400 applicants across 27 markets
• Citi is the most global bank in the GBA, an economic area with a GDP of US$1.7 trillion

Hong Kong/Shanghai - Citi announces today that its Commercial Banking business will deploy around one-third of new hires for mainland China and Hong Kong to focus on the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), one of the world's largest economic clusters. This announcement comes in conjunction with the bank's launch of a new GBA commercial banking talent development program to identify and build a pipeline of strong talent for the business' long-term growth.

Citi Commercial Bank is scaling its business in Asia Pacific, having recently shared plans to hire close to 350 people in the region over the next three years with a focus on mainland China and Hong Kong in addition to India and Singapore. The 50 hires focused on the GBA will make up around one-third of the new hires planned for mainland China and Hong Kong and around 15% of the total hiring planned in Asia Pacific.

Clients of Citi Commercial Bank are 'emerging' and mid-sized companies, with many involved in cutting-edge innovation, making this business a key growth engine within Citi globally. ¹

"The GBA is a critical growth area for Citi Commercial Bank in Asia Pacific. With clients growing and going global at unprecedented rates, we are focused on capturing this opportunity by making investments in our business, including our talent. With the right talent, we will expand and deepen our client relationships in the GBA as we support their cross-border banking needs through Citi's global network," said Rajat Madhok, Citi Commercial Bank Asia Pacific Head.

Some of the business' new hires for the GBA will come from a talent program Citi launched earlier this week, which is the GBA's first commercial banking-focused talent development program. In just six weeks, the program attracted 1,400 applicants among second-year students from 290 universities across 27 markets. A total of 193 participants have joined the new program which officially commenced on March 30.

After five weeks of intense and interactive online courses, led by senior Citi bankers in Asia Pacific and industry experts, the best-performing participants will have the opportunity to participate in Citi Commercial Bank's 2023 Summer Analyst program in mainland China and Hong Kong. One-fifth or 20% of vacancies for the 2023 Citi Commercial Bank Summer Analyst program have been reserved for successful candidates from the new GBA commercial banking talent development program.

Candidates who join Citi's Summer Analyst programs also stand the chance to later join the bank as full-time analysts or employees upon graduation, depending on their final performance.

"This targeted talent program will cultivate the next generation of Citi's commercial bankers. They will join Citi early in their career with a strong grasp of the GBA market, and have the opportunity to grow hand-in-hand with our clients here in the years to come," said Christine Lam, CEO at Citi China and President of Citibank (China) Co. Ltd.

Citi Commercial Bank serves companies BioTech, FinTech and other 'new economy' sectors in China, some of whom have grown to become industry leaders over the years. Meanwhile, Hong Kong, home to many Asia Pacific regional corporate headquarters, is the second largest market by revenue for Citi Commercial Bank, after North America.

There is an increasing number of these 'emerging' companies in the GBA, a hotbed of commerce and innovation. The GBA contributed 35.7% of China's exports, attracted 46.0% of foreign direct investment (FDI), and generated 11.1% of gross domestic product (GDP) in 2020. With a GDP of US$1.7trn, the GBA would rank 9th among national economies.²

"With a physical presence in close to 100 geographies, Citi is the partner of choice for the growing cohort of companies in the GBA exploring markets or raising capital overseas. This talent program will help us meet that demand and represents Citi's long-term commitment in the GBA," said Angel Ng, CEO of Citi Hong Kong and Macau.

Citi is the most global financial institution active in the GBA. Citi was among the inaugural participants of the GBA's cross-border Wealth Management Connect scheme, launched in October 2021, making available over 100 investment products in Hong Kong to mainland Chinese individual investors. To meet client demand in the GBA, Citi has said it will hire more than 1,100 wealth management professionals in Hong Kong by 2025.

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¹ Citi Commercial Bank (CCB) was highlighted a key area for growth during Citi's Investor Day on March 2, 2022.

² Citi Research. Greater Bay Area: A Greatly Beckoning Action Plan for Growth (Jan 2022). 2020 full-year GDP data.

Citi
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