Awards for Excellence 2002
Citigroup
Before the results of this year's Euromoney foreign exchange poll were known, Richard Moore, head of forex at Citigroup, told Euromoney that he thought the bank's overall market share had probably risen in the previous 12 months. It probably came as no surprise to him, or anyone else in the industry, that he turned out to be right.
That Citigroup has held the most market share in all but one of the 23 years the Euromoney poll has been running proves it is a tough rival to beat. Voted best in the main forex trading centres around the world, Citi lost out this year only to strong domestic banks in Frankfurt, Paris and Toronto. With the exception of coming second to HSBC in Hong Kong, there is nowhere, geographically, that Citigroup is not top in forex. And out of a total of 26 single currencies polled, Citigroup was also best in no less than 23.
Moore attributes Citigroup's continued success to the bank's overall status as a universal bank - strong in many areas. This gives the forex business the opportunity to capitalize on other business transactions within the bank, as well as to operate as a gateway for forex-specific clients to the broad range of products that Citigroup offers.