Euromoney’s best bank awards are almost invariably awarded to domestic banks within each country and territory, so the choice of Citi as best bank in Singapore ahead of the incumbent candidates of DBS, UOB and OCBC might seem odd. Citi gets the award for two key reasons. The first is that the Singapore government is in the final stages of removing the remaining restrictions on foreign banks operating in the Lion City, offering a completely level playing field for all banks, much as is already the case in Hong Kong.
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