US EUROPE AFRICA ASIA 中文
Business / Latest news

Visions of a true believer in China

By Jiang Xueqing (China Daily) Updated: 2015-09-14 10:48

Funding, of course, remains crucial for many Chinese firms looking outside their own shores, whether for mergers, acquisitions or expansions, and Citi has stepped up its efforts to help its local clients access different capital markets to help them in the transition.

For instance, it has helped clients issue corporate bonds in multiple capital markets, and extended medium-to long-term foreign currency loans to help many take advantage of low-cost overseas funding options, too.

Last year, the bank helped raise more than $15 billion for Chinese companies from global capital markets, including international bonds for State-owned enterprises in the oil and gas industry, and led Asia's largest ever global corporate bond offering for Alibaba Group Holding Ltd.

Going global

Au said Citi has been "serving Chinese companies going global" for a long time, and this dedication to its local client base is no better illustrated by the company's setting up of eight "China Desks" around the world, staffed by Chinese-speaking business experts to support Chinese companies wherever they operate.

The specialist staff also organize regular "China Days" for customers in different countries so they can be kept abreast with the latest business and economic developments in the market.

"My philosophy is that for China to succeed, it is not enough for only people in China to know about the country," said Au. "You need the entire international network to understand China and at the same time our local staff have to understand the global business network."

With that very much in mind, Citi also has an extensive work-exchange system in place, allowing staff from its international network to come to work in China, as well as up to 30 Chinese staff being placed around the world, some on short-term assignments but most for assignments lasting up to three years.

The thinking behind the exchange network, said Au, is simply to promote better contact between employees, clients and global business partners.

As with many business sectors, Citi is also embracing the idea of the Belt and Road Initiative-the economic blueprint proposed by President Xi Jinping in 2013 to develop deeper economic cooperation among countries along a trade and infrastructure network that includes the Silk Road Economic Belt and the 21st Century Maritime Silk Road. The network connects Asia, Europe and Africa and passes through more than 60 countries and regions with a population of about 4.4 billion.

Citi expects to find itself working with not only Chinese corporations investing along the Belt and Road, but also indigenous corporations in the countries along the routes where it already has a presence.

Hot Topics

Editor's Picks
...