28 Aug '11, 9pm

More companies from Greater China are turning to Singapore for financial solutions: Citi Singapore

SINGAPORE - More companies from the Greater China region, looking to go global, are turning to Singapore for financial solutions, said Citi Singapore. "We currently have US$1 billion (S$1.21 billion) of fund inflows in the pipeline,'" said Citibank head of Global Transaction Services (GTS) Melvyn Low. "This is a good indicator of the growth potential expected from Greater China firms investing in Singapore." Citibank set up a specialised China desk under its GTS department last year. It said one out of three GTS, or trade finance, deals it handles is from the Greater China region, which includes Hong Kong, Taiwan and mainland China, up from one out of 10 deals last year. The revenue handled by Citi's China desk has also doubled from last year while deposits from clients originating in Greater China rose 33 per cent. Mr Low expects the number of clients to double over the n...

Full article: http://www.todayonline.com/Business/EDC110829-0000164/Mor...

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