Citi China yesterday said it has seen a 30 percent increase in its revenue in the past year from helping Chinese companies do business overseas as they expand their presence globally in recent years.

From 2005 to 2011, the number of Fortune 500 Chinese enterprises venturing overseas has quadrupled from 15 to 61, said Henry Zhang, head of global corporate bank at Citi China, wholly owned by Citibank.

"We think it's a strategic change to go from a local company to a multinational one," he said.

"Chinese companies will have many new financial needs as they make the change, such as managing the risks of foreign exchange."

Recognizing that increasing number of Chinese firms are venturing overseas, Citi China launched its China Desk in September 2010 to support the financial needs of these enterprises. The main services they need are project development, financing, capital management and risk management.

The bank has opened China Desks in Hong Kong, Singapore, London, New York, Dubai, Johannesburg, Nigeria and Algeria.

Source:shanghaidaily