SINGAPORE, Aug. 26, 2022 /PRNewswire/ -- Citi has been awarded Asia's Best Bank for 2022 at the Euromoney Awards for Excellence.
The award, decided by the editors of the magazine, recognises the bank that has made the most progress in the region over the last 12 months. Regionally, Citi also picked up Best Bank for Financing and Best Bank for Transaction Services in Asia.
"Citi has a clear vision — to be the preeminent banking partner for institutions with cross-border needs and a leader in wealth management. Our recent Euromoney award as Best Bank in Asia represents outstanding recognition of this strategy and the exceptional dedication of our team. As we celebrate 120 years in Asia, I would like to thank our clients for the tremendous trust they place in Citi, and to reaffirm our excitement about supporting their growth across Asia and worldwide," said Peter Babej, Asia Pacific CEO for Citi.
- In the last year, Citi has raised over US$200bn from global capital markets for Asia Pacific clients, including around US$30bn via ESG financings, both a record for the bank over a year.
- Announced Hong Kong and Singapore as two of the bank's global wealth hubs and announced plans to hire 3,000 across its Institutional Clients Group to support client led growth across Asia Pacific.
- Added close to US$15bn in new client assets across Citi Global Wealth in the region and added over 14,000 new wealth clients.
With Citi in Singapore celebrating its 120th anniversary this year, it continues to remain one of bank's leading global hubs and a strategic business, operational and technology hub serving global businesses. Some key highlights in Singapore include:
- Banking, Capital Markets and Advisory: #3 in debt issuances, #1 in equity issuances and #2 in M&A in Singapore for the period between 1 April 2021 and 31 March 2022.
- Commercial Bank: An impressive year-over-year (2020 vs 2021) growth across all products -- Lending +32%, Cash +11%, FX +23% -- and total deposit growth at +43%.
- Markets: For the sixth year running, Singapore's trade volumes exceeded US$10 trillion across FX spots, forwards, swaps and options in 2021.
- Securities Services: With the industry-leading proprietary network spanning more than 60 markets, Citi is one of the largest providers of Securities Services in Singapore supporting clients with extensive on-the-ground local market expertise, innovative post-trade technologies, customized data solutions, and a wide range of custody and fund services that can be tailored to meet the needs of clients.
- Treasury and Trade Solutions: Grew trade finance funding by 22% YoY, core volumes for instant payments grew by 46% YoY, cross-border fund transfer volumes by 32% YoY, and domestic payments by 7%.
- Private Bank: Citi Private Bank saw strong client acquisition as well as increased revenue despite market headwinds.
- Consumer Bank: Digital Net Promoter Score (another measure of customer loyalty and satisfaction) crossed 60 and almost 80% of retail customers are using the Citi Mobile® App. With an ambitious Wealth Management strategy, the bank saw a significant 81% YoY Citigold and Citigold Private Client new-to-bank acquisition. Digital acquisition continues to be part of the bank's credit cards strategy for universal expansion, and it achieved the highest Card acquisition volume in 2021 with more than 80,000 cards acquired.
- International Personal Bank: IPB Singapore remains the largest Citigold Private Client business in Asia Pacific, with Citigold Private Client customers growing 16% in 2021. Despite a challenging 2021, the business achieved NNM of US$2.65Bn which was the 2nd highest ever in IPB history, together with a record high Investment performance delivering a strong 18.5% growth YoY.
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
