Citigroup Inc plans to almost triple its workforce in China by hiring up to 7,500 people in the next three years, Reuters reported, citing Stephen Baird, Citigroup’s co-chief executive officer for the region.

Citigroup, which has 4,500 employees in China, will hire more in that country that in any other Asia-Pacific market, Reuters said.

The hiring plans will support Citigroup’s efforts to expand in the region and compete with HSBC Holdings PLC and Standard Chartered PLC.

Baird told Reuters last week that Citigroup planned to open two branches a month on average in China for the foreseeable future, the maximum allowed by regulators.

The company’s strategy “is progressively more weighted to emerging markets,” Baird told Reuters. “Greater China is the future.”

Citigroup plans to double its number of branches in Hong Kong to 50 by the end of the year and increase the number of branches on the mainland to 38 by the end of the year, from 29 currently.