Hong Kong-based CLSA is considering an option to double the size of its Southeast Asian investment banking workforce in the next five years, reported Bloomberg.

The move comes in the backdrop of the firm’s plan to explore the potential of the region’s increasing growth.  

CLSA is owned by Citic Securities, one of the biggest state-owned conglomerates in China.

In an interview to the publication, CLSA head of investment banking for Southeast Asia Xianjie Boey said: “Southeast Asia is one of those bright spots if you look at where growth is.

“We are looking to expand and to grow.

“Over the next five years, I do want to double my headcount. I think this will make us stand out in the region.”

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CLSA’s current Southeast Asian team comprises over 20 staffs, which is expected to grow to around 50 by 2028, added Boey.

He further said that China’s reopening will help the region and the company is receiving additional queries from Chinese corporates who are willing to inject money in the region.

CLSA is the lone investment bank backed by China to have a share in five Southeast Asian markets that include Singapore, Malaysia, Indonesia, Philippines and Thailand, according to Boey.

The firm has a presence in the region for over 35 years.

Boey further stated that private equity players would push deal activity in the region since majority of their investments are about to mature and could want to leave.

He also noted that Singapore will make a mark among the Southeast Asian countries as the island nation is the regional hub and headquarters for a wide number companies and buyout entities.