To focus on global cash management and financing
MUMBAI: Citigroup Inc. is seeking to bolster its business with medium-sized companies in Japan as the Wall Street bank ramps up efforts globally to broaden its customer base.
The US firm has set up a team in Tokyo to provide tailored products to medium-sized companies, focusing on areas like global cash management and financing, under the Citi Commercial Bank brand, according to a statement released on Monday. Yutaka Naito will lead the group, which targets companies with cross-border business needs.
Citigroup initiated this effort two years ago, aiming to hire hundreds of employees worldwide to strengthen its commercial brand, betting that mid-sized companies need similar tools from international banks as large corporate clients.
Already in France, Germany, Canada
The lender has recently introduced this service in countries such as France, Germany, Canada, and several other Asian locations.
Japan has around 9,000 mid-sized companies, according to the country’s Trade Ministry, which defines them as firms with up to 2,000 employees and other specific criteria.
The government is increasing efforts to support these businesses by offering capital investment subsidies and assistance for foreign expansion.
Gunjan Kalra, head of Japan, North Asia and Australia, and South Asia for Citi Commercial Bank, stated that this latest move “reaffirms our commitment to serving the Japanese market.”
She added that Japan is “home to many new and innovative companies with global linkages and cross-border business needs.”
