CITIC opens Singapore Branch

CITIC Bank marks a major milestone in implementing regional expansion strategy with the opeing of its Singapore branch.

The Singapore Branch gives CITIC a strategic footprint in a region which counts as the fourth largest trading partner of China.  For the first 11 months of the year, China's trade with ASEAN countries rose 41.0 per cent year-on-year to US$263.0 billion, making it the largest trading partner of the region.  At the same time, China's outbound FDI to ASEAN countries grew 8.6 per cent year-on-year to US$2.7 billion in 2009.

Leveraging CITIC's expertise in RMB products and China-related cross-border financial services, the Singapore Branch will serve businesses in the Southeast Asia region, including corporate customers and partners of CITIC Group companies, as well as ASEAN-based customers who have trade with or investment in China.

"We are seeing increased demand for value-creating financial solutions as companies adapt and position themselves to ride on the wave of global economic recovery," said Mrs. Doreen Chan, Chief Executive Officer of CBI.  "Our investment in Singapore underscores CBI's commitment to be closer to clients' business needs, and to help clients realise their growth potential in Asia; particularly in maximising the tremendous opportunities in China, where we offer unsurpassed market knowledge and connectivity through our relationships with and support from both parent bank CNCB and ultimate parent CITIC Group."

"The Singapore Branch enjoys the full support of CBI and our parent bank CNCB, as well as senior management focus with Mr. Roy Huang, Head of International Banking Group, and Mr. Nick Huang, Head of Wholesale Banking Group, leading the team to spearhead the growth of the Singapore and Southeast Asia business. The Singapore Branch is headed by General Manager Mr. Chiang Yao Chong," added Mrs. Doreen Chan.