Citigroup and Invesco Expand Presence in Asia Amid Geopolitical Pressures

US financial institutions Citigroup and Invesco have separately announced that they would continue to expand their presence in Asia, even as the financial industry faces geopolitical uncertainties and Beijing’s tightened control of overseas investment.

Citi would boost the headcount of its north Asia and Japan corporate banking desk network by 25 per cent following double-digit growth in client activities, it said in a statement on Tuesday.

The US lender would also expand its China desk network by adding Brazil and Europe as new hubs, on top of existing centres in Hong Kong, Singapore, Dubai, London, New York, San Francisco and South Africa.

“The expansion supports the next phase of Chinese companies’ global growth ambitions as they move beyond low-cost manufactured exports and cross-border acquisitions to building hi-tech supply chain ecosystems overseas, focusing on AI infrastructure, electric vehicles, consumer electronics and green energy,” said Toh Jianxun, head of corporate banking at Citi for Japan, Asia North and Australia.

US tariffs, the war in the Middle East and the war between Russia and Ukraine had created uncertainties but also led companies to seek diversification of their supply chain and trading partners, adding new opportunities for Citi and other financial firms, according to analysts.

Citi, which operates across 90 countries, would add new investments across South America, Europe and parts of Asia to support the overseas expansion activities of Citi’s corporate clients headquartered in Japan, Korea, mainland China and Taiwan. The desks would offer cross-border financing, foreign exchange, payment and other trade services.

“Citi is seeing strong client growth across a number of corridors connecting markets in North Asia and Japan with global markets. These investments underline our commitment to clients to invest further to support their growth and expansion,” Toh said.