Citibank focusing on Thai institutional clients
The U.S.-based global financial firm Citibank will focus on institutional clients in Thailand to grow its business in the Kingdom, Citibank executives said last week.
“This is where our focus will be and this is where we are investing resources to support client-led growth,” said Tibor Pandi, Citibank’s Country Manager in Thailand.
Earlier this year, Citibank exited the consumer and retail banking markets in Thailand, selling its operations to UOB. The sale was part of a larger strategy by Citibank to leave those markets in Asia, Europe, the Middle East and Mexico to competitors. In the coming months, the bank will exit markets in Indonesia and Viet Nam.
Pandi stressed that Citibank was not abandoning Thailand and still viewed the Kingdom as prime market for other areas of its business where it has comparative advantages.
He said that Citibank is the market leader in Thailand when it comes to institutional clients. In that segment, Pandi added, Citibank is working with local companies, banks, asset managers, multinational corporations, governments and state-owned enterprises.
The support comprises of a full menu of financial products and services. Corporate and investment banking, foreign exchange, securities services and transaction services are among its strongest offerings.
Pandi expects that Citibank will achieve double-digit growth in Thailand next year by focusing on institutional banking. That segment is being boosted by the fact that more multinational corporations and companies are entering the Thai market, while more Thai companies are investing overseas.
Citibank’s services meet the goals of both, he said, because of its extensive presence across much of the world.
Photo courtesy of https://www.citigroup.com/citi/about/