Singapore

Our History
Present in Singapore since 1902, Citi is deeply embedded in the financial services sector and is represented in nearly every asset-class. Citi's Institutional Clients Group, Global Consumer Banking, International Personal Bank, Citi Global Wealth Management and Citi Private Bank are all leaders in their respective fields, contributing significantly to Citi's performance in Singapore. Providing employment to 9,000 people in Singapore, Citi is the largest banking employer in Singapore and is constantly voted the Employer of Choice by graduating students.

Our Businesses
Citi operates in Singapore through its three major lines of business comprising of Institutional Clients Group, Global Consumer Group and Global Wealth Management.

Institutional Clients Group
Citi's Institutional Clients Group provides the most comprehensive range of financial services to corporate clients, governments and institutional investors. It is consistently ranked in the top tier of providers of M&A advice, equity and debt underwriting, securities trading, cash management, trade services, foreign exchange and treasury across the region. In March 2007, Citi also opened its prime brokerage office in Singapore, offering clients full access to the bank's global prime brokerage platform. In 2007, Citi was named ‘Best Bank in Asia' by respected trade publications – The Asset, Euromoney and FinanceAsia – as well as scooped up the much coveted ‘Best Bank in Singapore' Award from Euromoney for the first time.

Global Consumer Group
Citi's Global Consumer Group is the region's leading retail bank. Operating under the Citibank brand in Singapore, Citibank is a formidable market player in the key consumer banking businesses, including wealth management, credit payment products, secured assets and a full spectrum of banking and investment services. Providing unparalleled service quality and innovative products that are relevant to customers' needs are the cornerstones of Citibank's mission. In Singapore, Citibank was the first to popularize credit cards, line of credit, ATMs, and 24-hour telephone and Internet banking. Citibank was also the first to introduce a series of "instant products and services including instant credit cards, instant Ready Credit, instant home home approval and instant online savings account opening. In 2008, Citibank was named ‘Best Retail Bank in Singapore' by the Asian Banker for its success in revolutionalising the banking experiences of customers through its groundbreaking products and services.

Global Wealth Management
Citi Global Wealth Management is one of the largest wealth managers in the Asia-Pacific with 20 regional offices. In Singapore and the rest of the region, Citi Private Bank caters to individuals and families with a net worth in excess of US$10 million. More than 300 private bankers and product specialists provide tailored holistic wealth management solutions covering trust-and-estate services; alternative investments (hedge funds, private equity, real estate); custody services; philanthropic advisory; capital-markets investment opportunities; cash management, lending and investment finance as well as investment banking capabilities to 6,000 clients, including half of Asia's (ex-Japan) billionaires.

ASEAN Hub and Centre of Excellence
Singapore is Citi's ASEAN hub for our Institutional Clients Group, Global Consumer Group, Commercial Relationship Banking, and is also the regional headquarters for Citi's consumer banking business for Asia Pacific, and the international operations hub for our Global Wealth Management business.

Singapore also serves as a key Centre of Excellence for Citi in Asia and a strategic hub for regional management, marketing, operations and technology expertise. Singapore hosts Citi's state of the art processing and data centres, serving the transactional needs of Citibank branches in more than 50 countries.

The country is host to Citi's regional global transaction services business, where we process more than 100,000 transactions amounting to more than USD 60 billion a day. Our regional cash processing management unit handles close to 30,000 fund transfers amounting to USD 30 billion a day while our regional processing hub for securities services processes an average of 76,000 transactions amounting to USD 33 billion a day for the region.

Our Commitment
Citi's commitment to Singapore was rewarded in 1999 when it was among the first four foreign banks to be awarded Qualifying Full Bank (QFB) privileges by the Monetary Authority of Singapore (MAS). Besides enhanced retail banking opportunities, the QFB status is also in recognition to Citi for its contributions to the financial services sector.

In 2005, Citi took a further step to entrench its presence in Singapore with the local incorporation of its consumer banking business – Citibank Singapore Limited, a wholly owned subsidiary of Citi. This entity holds a Full Bank Licence with QFB privileges and oversees the entire consumer banking business in Singapore. The decision for local incorporation comes as part of Citi's strategy to grow its international businesses. This incorporation, which also involves a substantial capital injection, reaffirms the bank's long-term commitment to Singapore and to our customers.

In November 2007, Citi announced that it will commit S$220 million to a 400,000 square feet new office premises to be located at Changi Business Park, which will accommodate 4,000 of Citi's operations, technology and shared services employees. A first for Citi in Singapore and Asia, the new premises will be a centre of innovation and excellence for Citi in Asia Pacific, and will cater for future business growth and increase in operations and technology functions into Singapore.

Corporate Social Responsibility
In the area of corporate social responsibility, Citi has a long-standing commitment to help make the communities, where we do business, better places to work and live. Globally, Citi has undertaken a broad range of community-building initiatives aimed at raising the quality of life for individuals, families and institutions, thereby helping to strengthen communities. Key thrusts of Citi's community initiatives include promoting financial education, youth education, social entrepreneurship and employee volunteerism.

Citi was the first financial institution to introduce financial education to young people in Singapore. It has since led the way in the Asia Pacific region with its innovative and practical financial education programmes. Over the past five years, Citi has given grants totalling some SGD 5.5 million for a wide range of financial education programmes that have benefited over 60% of schools in Singapore and reached out to over 200,000 students.

In the area of social entrepreneurship, Citi has partnered with YMCA Singapore since 2002 to provide a platform for youth volunteers to initiate community projects benefiting social welfare organisations and develop community leadership among Singapore youths at the same time. Through the Citibank-YMCA Youth for Causes (YFC) programme, Citi has awarded grants totalling close to SGD 800,000, and the programme has raised over S$2.16 million for more than 150 voluntary welfare organisations since its launch. The programme also nurtures youths through a mentorship initiative that equips participants with project management and leadership skills. The Citibank-YMCA Youth for Causes programme was awarded Singapore's highest youth accolade – The Singapore Youth Award – in 2008, which recognises and commends contributions in various areas made by youths as well as contributions back to the community.