If you haven’t read the latest email sent out by Citibank CEO, here it is:
I’m pleased to share with you that Citi has been named the “Best Bank in Singapore” in the Euromoney Awards for Excellence 2009 – the second time it has clinched this award in the past three years. Citi is the only foreign bank in Singapore to have won this prestigious accolade. Citi has also continued its record-breaking 10-year winning streak to be named the “Best Bank in Asia” by Euromoney.
The Euromoney editors wrote in the awards citation: “Citi is no longer a foreign competitor to the locals. It is a local.” They pointed to Citi’s “levels of growth across the board in a year when most have shrunk”. Citi was also lauded for its strong franchise value; undisputed leadership in corporate and investment banking; robust growth in its global markets business; and the record performance and extensive reach of its consumer banking arm.
In addition to the Euromoney “Best Bank in Singapore” award, Citi has also garnered three other prestigious awards so far this year:
• “Best Foreign Commercial Bank in Singapore” – FinanceAsia (13th consecutive win)
• “Best Foreign Bank in Singapore” – Alpha South East Asia (new award category)
• “Best Foreign Cash Management Bank” – Asia Cash Management PollsCiti has a long history in Singapore, having served clients here for 107 years to date and we continue to invest in growing and deepening our presence here. Earlier this month, we unveiled our new global operations and technology hub and opened our 22nd Citibank branch, both at Changi Business Park.
I would also like to take this opportunity to highlight Citi’s global earnings for the second quarter – Citi reported net income of US$4.3 billion on revenues of US$30 billion. These results reflect the positive momentum since the realignment of our businesses into two principal segments, Citicorp and Citi Holdings. Citicorp represents the company’s core businesses with the potential for future growth while Citi Holdings’ non-core assets are to be reduced over time. The majority of Citi’s Asia Pacific franchise, including our businesses in Singapore, resides in Citicorp. In the second quarter, Citicorp Asia Pacific reported revenues of US$3.6 billlion and net income of US$1.2 billion.
In Singapore, Citi continued to perform well in the first half of this year, registering broad-based growth across our businesses despite the environment continuing to be challenging. We maintain our focus on ensuring that Citi is well positioned to compete and win across the franchise.
Citi’s strong performance and recognition in Singapore are the result of the loyalty of our clients and their belief in the strength of our franchise here. For our part, we are committed to offering you the best and most innovative products and delivering the highest standards of advice and service. Thank you for making us a success.
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