Mainland Chinese financial firms seeking strategic Hong Kong base on the rise: Citigroup

A growing number of mainland Chinese financial institutions and international companies have shown interest in establishing regional headquarters in Hong Kong to tap into increasing business opportunities across the region, according to the head of Citigroup’s local unit.

Aveline San Pau-len, Citi Hong Kong CEO and head of banking, said many mainland banks and international financial institutions would like Citigroup to help set up their headquarters in the city to serve clients who wanted to expand globally.

“Mainland lenders and Citigroup Hong Kong are not competitors; [rather] we are partners,” San said in a recent exclusive interview with the Post. “We are the bankers of these mainland banks and financial institutions, supporting their business expansion plans into Hong Kong and overseas markets.”

She said Citigroup “has a physical presence in 94 markets” and that many of its “banking and corporate clients would like us to help them go global, as we have the networks and talent to serve them”.

As an international financial centre, Hong Kong was an ideal springboard for many mainland financial institutions, fintech start-ups and various companies to expand into other markets, according to San.