HONG KONG: Citigroup plans to hire as many as 100 bankers in a renewed push into Asia-Pacific commercial banking, following in rival HSBC’s footsteps with a strategy that focuses on selling smaller corporate clients a wider range of products.
Global banks like Citi and HSBC are now concentrating on small to medium-sized clients due to a dwindling number of US$10bil-plus initial public offerings from Chinese state-owned companies deals which had sustained investment banks in the region over the last decade.
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