Citigroup Hires for Team to Capture Australian Unicorns
- Lender looks to lift sales contribution from commercial bank
- Alex Syhanath plans to expand team to 35 by end of 2024
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Citigroup Inc., which typically advises the world’s biggest companies, is hunting for smaller clients in Australia, targeting businesses with revenue of as little as A$75 million ($53 million) to get a competitive advantage in major deals down the track.
The U.S. lender, which set up a commercial-banking business in Australia in 2019, is planning to expand its team to 35 by the end of 2024 from 22 currently, according to Alex Syhanath, head of the local unit. The aim is for commercial banking, which currently comprises just 2% of Citigroup’s overall revenue in the country, to eventually contribute about 10%, he said.