Citigroup, Inc (NYSE: C) to Expand China Trading in Singapore

Citigroup, Inc (NYSE: C) to Expand China Trading in Singapore

Citigroup, Inc (NYSE: C) analysts said on Thursday that it will open a China desk based out of Singapore, in a move aiming at encouraging Chinese firms with global expansion plans to set up business in the city-state.

The desk is expected to include ten relationship managers and product specialists, as well as bankers from Citibank’s global subsidiaries group and global transaction services, the company said in a statement.

“With China being the third largest trading partner for Singapore, we are seeing a lot more Chinese companies using Singapore as a gateway to expand their business in the region,” said Citi’s country officer for Singapore, Michael Zink.

Citigroup, Inc (NYSE: C) is expected to provide financial solutions which include cash management, trade services and finance, securities and fund services for its Chinese clients.

Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.

Shares of Citigroup, Inc (NYSE: C) traded up 0.9% hitting $3.71 during mid-day trading on Thursday.

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