After a comprehensive review of the market revealed “significant opportunities,” a bank has expanded its international commercial network into Australia.
Starting in late 2018, Citi Commercial Bank is offering a range of financing options in Australia, from short-term revolving credit facilities and working capital financing, to medium-term loans and structured financing. The specific terms and conditions of each type of loan are customised according to the business' circumstances.
Whereas many commercial lenders in the Australian market cater to small businesses, Citi is targeting mid-sized companies that generate revenue between $250m and $1bn per annum and operate in both domestic and international markets.
According to Alex Syhanath, head of Citi Commercial Bank in Australia, “Citi’s global operations mean we can resolve a key pain point for Australian companies who are frustrated they need to use a different platform or different banking provider in each new market.”
“We are seeing a growing number of mid-sized Australian companies who are either operating internationally or looking to expand to overseas markets in the near future. These companies are the right target market for our commercial bank business,” he added.
Currently, Citi Commercial Bank operates in 28 markets worldwide, with network support in 60 additional countries. By providing the full range of financial products and services across its many locations, Citi aims to help clients increase efficiencies and reduce costs.
Syhanath started his career at Westpac and spent time at both CBA and Mizuho Corporate Bank before spending the last eight years at Citi. He is currently heading a team of ten in Australia, with plans to expand the team as the business grows.