The rapid development of the Greater Bay Area has become a growth engine for Citigroup.
Citigroup plans to increase the number of its staff for commercial banking unit in Hong Kong by 100, following its plan to tap growing opportunities in the Greater Bay area.
The move is taken after Citi recorded 11 percent growth in new corporate clients throughout Q1 of 2023, Anson Kwok, Hong Kong’s head of the commercial bank said, as cited by the daily newspaper «SCMP».
Pre-Covid-19 Levels Again
Almost 40 percent of Citi’s new commercial clients in Hong Kong come from the development zone in the Greater Bay area. Meanwhile, around 15 percent are from other parts of mainland China and the rest is from other local and Asian companies.
In April 2023, Citi’s new corporate clients had also returned to pre-Covid-19 levels last seen in 2019. «The Greater Bay Area is definitely a focus of expansion in the coming years,» Kwok said.
