Bangladesh is one of the fastest growing economies in the world with great investment potential not only in the infrastructure development sector but also in different spectrums of transformation of the country. N. Rajashekaran, Country Officer- Citibank, N.A., Bangladesh said this in a statement issued on Monday.
“Citi is committed to partnering this journey of growth and economic progress and providing complete banking solutions to clients as they invest. With the largest network for clients and a physical presence in over half of the recognized Belt and Road markets, Citi supports over 3,500 corporate clients located in these markets. We bank with close to 90 percent of the Fortune 500 on the Belt and Road”. he added.
In the last twelve months, revenues from supporting clients across the Belt and Road corridors are up by 30 percent. The growth has come from increased corporate and investment banking, cash management, trade, foreign exchange and other flow business as the bank increases its market share with the increase in client activity.
Sectors where the bank has seen strong growth include clients in industries including tech, financial institutions and energy. In terms of regional growth - Asia, Central and Eastern Europe and the Middle East all registered 30% client revenue growth in the last twelve months.
“Citi has been facilitating trade, investment and promoting economic progress across the Belt and Road for over 100 years – Citi’s network strategy predates the Belt and Road. We are seeing though an increased demand for banking services as more of our global clients increasingly identify and invest in opportunities across the Belt and Road,” said Beibei Li, Citi’s Global Head of Belt and Road.
“The inspiring story of sustainable growth of Bangladesh is commendable. The country has made notable strides in terms of economic, social development and emerged as a major investment destination. International companies making entries into Bangladesh with significant business presence and frontline partnerships signal the opportunities lie within the country. Citi with its largest global network and strong product capabilities is best positioned to support the belt and road initiatives and partner as a key enabler to the economic growth and progress of the country”, added Shams Zaman, Head of Corporate and Invest ment Banking, Citibank, N.A., Bangladesh.
“We have over 100-years of history of operating across the markets along the BRI with at least a decade’s experience across all the countries we can serve our clients in. This gives Citi a unique insight to support clients,” added Beibei. Citi’s presence spans over 100 Belt & Road markets where the bank offers leading Treasury and Trade, Securities Services, Custody, Markets including FX, Corporate and Investment Banking, Commercial Banking, Lending, Capital Markets and M&A solutions.
Clients operating along the Belt and Road are supported by Citi’s local infrastructure and specific Asia desks. Citi opened additional Asia desks during 2017 and 2018 and now has 21 Asia desks in operation globally. Citi serves clients in 160 markets; with the largest physical proprietary payment network in 98 markets; clearings and custody capabilities in 63 markets, with direct clearing access to 232 clearing systems worldwide. We operate trading floors in 77 markets and facilitate around $3- $4 trillion of transaction flows on a daily basis. This global footprint and product excellence position us well to serve both traditional global businesses as well as next-generation clients along the Belt and Road.