Citigroup is expanding its commercial banking operations in Europe, Middle East and Africa (EMEA). As part of a wider bid to capitalize on its global presence, looking to take on local banks serving mid-sized companies.
Last year around 30 hires were made by the bank in Britain. This year initially, 25 staff including bankers and risk & control managers are to be hired by the US Bank. It is going to expand its local presence in Netherlands, Belgium, Luxembourg, Spain, Portugal and Italy, Raymond Gatcliffe, head of Citi Commercial Bank in EMEA. The UK commercial bank has seen double digit revenue growth said Gatcliffe. He added that it has become a very important business for them and it gives us confidence to expand further.
Gatcliffe even said that with further hiring, the U.S. bank aims to continue that double-digit revenue growth in Europe over the next few years. They are aiming to target subsidiaries of big international companies that Citi already banks; mid-sized companies with annual sales from around $100 million to $3 billion; and fast-growing tech companies that are aiming to achieve global scale.
Managing director of Citi bank, Raymond Gatcliffe also stated that, Tech entrepreneurs in particular are impatient to grow internationally at a rate their more traditional peers would never dream of. A banking service that’s quick, digital and global, is needed by them. Rather than a few decades, we can see companies go global within few years itself. The COVID-19 pandemic, instead of slowing the U.S. lender’s ambitions, has accelerated its investment plans. This is all because the companies seek to diversify their revenue streams in multiple markets and also demands increasing digital services from banks. Stiff competition from local banks in the markets will be faced by the lenders, where it is investing in.
