Tariffs spark caution but no financing rush this time round: Citi’s Damien Tan

‘The key difference is that during the Covid-19 pandemic, there were a lot of demands for funding, bolstering of balance sheets, and drawdown of loans,’ Tan says

Tariffs have roiled markets and economies but Citi has not seen the “same rush for financing” as it did during the Covid-19 pandemic, said Damien Tan, the bank’s head of corporate bank for Singapore.

While clients are still watching their capital expenditure and investment decisions closely, “things are generally more calm” as they “are already diversified from the past three to four years of pandemic upheavals”.

“The key difference is that during the Covid-19 pandemic, there were a lot of demands for funding, bolstering of balance sheets, and drawdown of loans,” Tan said. “This time round, it’s very different.”