Citigroup, Inc (NYSE: C) to Expand Energy Trading Team in Asia

Citigroup, Inc (NYSE: C) will expand its energy trading team in Asia by hiring five new staff members including two new traders. The company has also ventured into physical oil trading during the last year, according to several media reports.

The unit plans to grow its influence in energy and commodities markets, following similar efforts by Credit Suisse, Societe Generale, Macquarie and Australia and New Zealand Banking Group Ltd.

Citigroup, Inc (NYSE: C) has already hired a new head for its Asia oil products team, Rob Biro, who previously was an energy trader for Goldman Sachs Group Inc. (NYSE: GS) J’Aron unit based out of Singapore for more than 10 years. Citigroup, Inc (NYSE: C) is also looking to hire a distillates trader and a fuel oil trader, in addition to its current trading manager and a naphtha trader.

”They are expanding their Asia business, very much like some of the other banks, who are non-traditional players in the commodities and energy sphere,” a trader with a Singapore-based bank said to Reuters.

”Most of the banks are looking to Asia to provide growth — with the booming economies of China and India, as well as the potential deregulation in countries here, versus increasingly tough regulations in the West and the eurozone crisis.”

Citigroup, Inc (NYSE: C) also has a new head for its Asia Pacific commodities operations,  Robert Bayley, who took the position in January, whoreplaced Ananth Doraswamy, who has moved to another asset class within the bank outside the region.