SINGAPORE - As part of its talent development strategy and plans for long-term growth in Singapore, Citi Singapore on Tuesday (March 29) launched a special initiative to facilitate regular communication with its Singaporean staff who are based abroad.

The Overseas Singaporean Network was announced during a leadership series event with Monetary Authority of Singapore managing director Ravi Menon and Citi's Asia-Pacific chief executive Peter Babej.

The network is expected to keep the bank's Singaporean employees who are based overseas abreast of the latest developments with the home franchise. It will also give local employees the opportunity to hear about working overseas, the bank said in a statement.

Launched in conjunction with Citi Singapore's 120th anniversary, the programme supports the bank's efforts to build up a strong base of Singaporean employees, many who go on to become leaders in the Singapore financial sector, Asean head and Citi country officer for Singapore Amol Gupte said in a statement.

It also aims to keep its 150-odd Singaporean staff who are based across 18 markets - including in key cities such as New York, London and Hong Kong - connected to local corporate developments.

In a statement, the bank said developing Singapore's talents and supporting the local community are important to its long-term success.

Planned outreach initiatives will include regular engagement events, such as fireside chats with prominent leaders and in-country lunch and coffee sessions with senior management.

Citi is one of the largest foreign banks in Singapore, with about 8,500 employees - including 2,000 contract staff.

"Our talent policy is guided by the principle of hiring and developing local talents in all markets where we have a presence. In Singapore, we have more than 80 per cent of our full-time staff made up of Singaporeans and permanent residents," said Mr Sarab Preet Singh, Asean and Singapore head of human resources at Citi.

Citi is beefing up its local talent pool after exiting 13 international consumer banking markets in Asia-Pacific last year, including China and India, to focus on the business in four markets: Singapore, Hong Kong, London and the United Arab Emirates.

The bank plans to hire 2,300 people in Asia to support the growth of its wealth management franchise, including several hundred in Singapore and Hong Kong, Mr Babej told The Straits Times in an interview earlier this month.