Citi Commercial Bank is expanding in Australia to provide the full suite of banking products and services to growing mid-sized, Australian-headquartered companies that operate in both domestic and international markets. This move will provide Citi with the opportunity to work with a new client segment that complements those covered by its Corporate and Investment Bank.
Alex Syhanath, Head of Citi Commercial Bank in Australia, believes Citi is well positioned to become a leader in commercial banking within Australia following a comprehensive review of the market that identified significant opportunities.
“We are seeing a growing number of Australian companies who are either operating internationally or looking to expand to overseas markets in the near future. These companies are spread across a diverse set of industries and stand to benefit from accessing our Citi’s global institutional platform. In doing so, Citi is able to support and help drive the growth of our clients’ businesses, particularly as they look to expand offshore,” he says
Product offerings likely to be most in demand include liquidity and cash management, online digital hedging platforms, and access to diverse financing options. “The benefit of partnering with Citi for commercial banking requirements is that we can be a one-stop-shop for these organisations and help them to reduce costs,” he adds.
Syhanath has been with Citi for nearly eight years and has extensive experience within financial services, starting his career at Westpac Institutional Bank and working at both Commonwealth Bank of Australia and Mizuho Corporate Bank before joining Citi.
“Coming to Citi has given me exposure to a much larger credit platform and capabilities, rounding out my corporate financial experience while gaining access and exposure to a broader set of flow-based transaction banking, and financial markets products and capabilities.”
Unsurprisingly, Syhanath sees getting the right people in place as critical to achieving his goals for the Commercial Bank. He currently has a team of ten people and will continue to expand his team throughout 2019.
“I am looking for passionate and driven individuals who are excited about the prospect of growing Citi’s business and brand within Australia. The team we have built so far is extremely well-rounded and has extensive experience within banking and financial services. As we continue to expand, we want to augment our existing skills base with talent that will bring diverse perspectives and experience to the conversation and allow us to continually enhance the coverage and services we deliver to our clients.”
He believes Citi offers significant benefits to people who join the company, not least of which is the opportunity to work for a large, global bank.
“Talent who come to Citi are joining a bank with best in class capabilities and a global footprint. Not only will they get access to world class treasury and cash management platforms, but also exposure to financial markets and strong debt capital market capabilities. Citi also offers global mobility opportunities for those who want an international career.”
Although Syhanath recognizes building his team and expanding the business will be challenging, he is excited about the work that lies ahead.
“There is a strong need and demand for Citi’s global platform and the capabilities we offer to our clients. Because we are a one-stop shop, Citi represents an incredible opportunity for our bankers to further develop their knowledge and careers through exposure to one of the broadest global banking platforms.”