Awards for Excellence 2009: Singapore
Best Bank: Citi
While Citi globally was floundering and flirting with oblivion, Citibank Singapore was cementing its position as a head-on competitor to Singapore’s domestic banks. In fact, for its levels of growth across the board in a year when most have shrunk, it is the best bank in Singapore this year.
Citi is no longer a foreign competitor to the locals. It is a local. With a staff of 8,068 in Singapore, it is believed to have more employees than any other bank in the country. Its three key legal vehicles in Singapore between them recorded a net profit of S$1.2 billion ($824 million) on revenues of S$2.3 billion – more than OCBC, on a par with UOB and lagging behind only DBS.