The New York-based lender will focus on firms with revenues of between $10m and $500m, and provide services such as foreign exchange and cash management.
Citi Asia-Pacific commercial banking head Ashish Bajaj was quoted by Reuters as saying: "This is not about adding hundreds of new clients in the region, but winning more wallet share from commercial banking clients who have cross-border business by providing them with more loans, FX, cash and trade products."
The company also intends to target suppliers to leading firms in Asia as well as approach start-ups that are capable of growing into larger companies.
It plans to commence commercial banking operations in Vietnam, to focus on Korean and Taiwanese firms with manufacturing businesses in Vietnam.
In Asia-Pacific, Citi generated revenues of around $1bn last year from commercial banking operations, the news agency reported citing a source.
Global banks are focusing on medium-sized clients due to a drop in initial public offerings from Chinese firms.
According to a survey by consulting firm McKinsey & Company, banking revenue from small and medium-sized firms is expected to increase at a rate of 20% each year, and reach more than $350bn by 2015.
Image: Citigroup center in Sydney. Photo: courtesy of Paulscf.
