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  • Citi Unveils New Chicago Desk to Bolster Support for Korean Corporates in the US Market

    Citi Unveils New Chicago Desk to Bolster Support for Korean Corporates in the US Market

    Citi, the American multinational investment bank, is set to enhance its service to Korean corporate clientele with the inauguration of a new desk in Chicago.

    Expanding Coverage of Korean Corporates

    The newly launched Korea desk in Chicago is part of Citi’s strategic plan to augment its local financial support for Korean corporate clients who are penetrating the North American market. This addition builds upon Citi’s existing US coverage of Korean corporations, which was initiated in New York in 1993.

    Currently, Citi operates Korea desks around the world, including in London, Prague, Dubai, Singapore, Warsaw, Chennai, Hong Kong, Atlanta, and Monterrey.

    Growth of Korean Corporates in North America

    Citi reports that Korean corporates are quickly spreading their influence across North America, spanning a broad range of industries such as manufacturing, power, semiconductors, and services. The expansion into the United States extends beyond specific regions as businesses set up production and sales bases throughout the country, making their operations progressively widespread.

    Kyoungho Kim, the head of the corporate banking group at Citi Korea, noted the bank’s history of aiding Korean corporates. He highlighted how Citi Korea has been instrumental in bridging the financial operations of these clients’ headquarters in Korea with their overseas subsidiaries through its Korea Desks in key global markets.

    Enhanced Support for Korean Corporates in the Midwest

    The Chicago Korea Desk’s introduction marks a step forward in extending this crucial service in North America. It aims to provide ample support for Korean corporates operating in the US Midwest, guiding them through their funding and financial transactions in alignment with the local financial environment.

    Questions & Answers

    What is the purpose of the new Korea desk in Chicago launched by Citi?

    The Korea desk in Chicago is intended to expand Citi’s local financial support for Korean corporate clients penetrating the North American market.

    What industries are Korean corporate clients involved in?

    Korean corporate clients are involved in a wide range of industries, including manufacturing, power, semiconductors, and services.

    What are Citi Korea’s efforts in supporting Korean corporate clients?

    Citi Korea has been pivotal in connecting the financial operations of Korean corporates’ headquarters with their overseas subsidiaries, providing consistent financial support in key global markets.

  • HSBC Opens IAM Desk in Singapore

    HSBC Opens IAM Desk in Singapore

    The desk will cater to the needs of family offices and independent advisors managing wealth on the behalf of their clients.

    HSBC’s private banking arm has set up dedicated independent asset management (IAM) in Singapore to expand its reach into a fast-growing segment, the bank announced on Wednesday.

    In the announcement, HSBC noted rapid growth of the IAM industry in wealth management and said growing client awareness and demand for independent advisory services will continue to spur the development of specialized IAM advisors.

    Clients increasingly have more options and by establishing this desk, we are supporting them in their wealth ambition with capabilities underpinned by our international footprint and full private banking suite of capabilities at scale,» Philip Kunz, HSBC’s head of global private banking, Southeast Asia, said.

    HSBC previously said it would place a much greater focus on the family office segment in Asia, following the creation of its newly merged wealth unit in February.

    The bank’s combined wealth business has $1.4 trillion in assets under management, with half of those assets in Asia. Revenue from Asia in the wealth business rose by 12 percent to $5.7 billion last year.

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