Citi has been in Singapore since 1902 and is deeply embedded in Singapore's financial services sector. Represented in nearly every asset class, Citi Singapore is one of the largest banking employers in Singapore.
As a service center for Citi in Asia Pacific, Singapore hosts a number of Citi's state-of-the-art processing hubs and data center, serving various businesses in more than 30 countries around the world.
Multiple businesses operate hubs and regional offices out of Singapore connecting to the rest of the world, including Retail Banking & Cards Asia; International Personal Bank; Citi Private Bank (Asia & Global); innovation hubs for Treasury and Trade Services and Global Consumer Bank; Treasury and Trade Services Asia & Securities and Funds Services Asia (Sales, Product & Service Implementation); Markets Asia; Global Subsidiaries Group Asia; and Citigroup Venture Capital Asia.
In 1999, Citi was among the first foreign banks to be awarded Qualifying Full Bank (QFB) privileges by the Monetary Authority of Singapore (MAS).
The Singapore-U.S. Free Trade Agreement came into effect in 2004, which allowed U.S. banks with QFB status to have any number of customer service locations. In 2005, Citibank Singapore Limited (CSL) was incorporated locally, a wholly-owned subsidiary of Citi. With a paid-up capital of S$1.5 billion, CSL was a reaffirmation of Citi's long-term commitment to Singapore and to its customers.
Prior to 2005, Citibank had four branches and one offsite ATM. Today, Citibank is accessible to customers at more than 1,500 customer touch-points. Citibank remains committed to expanding its distribution network to provide connectivity and accessibility to its customers.
In 2015, the Monetary Authority of Singapore (MAS) published Singapore's framework for identifying and supervising Domestic Systemically Important Banks (D-SIBs) and the inaugural list of D-SIBs. Citi Singapore was identified as one of the seven designated Domestic Systemically Important Banks (D-SIBs) in Singapore.
Today, Citi has offices in several buildings across Singapore, including Asia Square and Capital Square. Citi also has two global Citi Service Centres totaling 400,000 square feet at Changi Business Park.
Underlying its continued commitment to providing innovative solutions to customers, Citi established two innovation labs in Singapore in 2011:
Citi Singapore has been a strong advocate of financial education for more than a decade with the belief that it is a natural extension of their work as a financial institution. Since 2002, Citi Singapore has committed more than S$13.7 million to financial education and youth development programs organized in partnership with NGOs, government organizations and educational institutions. The programs have benefited students, youths, teachers, mature women and the general public, reaching more than 425,000 students from over 80% of schools in Singapore.
Citi Singapore has also been a keen supporter of The Straits Times School Pocket Money Fund and The Business Times Budding Artists Fund with over S$3.8 million to help build brighter futures for underprivileged children since 2002. With a strong spirit of volunteerism amongst their employees, over 6,000 of Citibankers, family members and friends volunteered in community initiatives held around their Global Community Day every June and throughout the year in 2015.
In September 2011, Citi Singapore was awarded the prestigious CSR Award - Best Community Developer by the Singapore Compact. This accolade from Singapore Compact is a testament to our sustained Corporate Social Responsibility (CSR) efforts in financial literacy and youth development since 2002. It is the second year Singapore Compact is presenting the CSR awards to top organizations with responsible business practices and best-in-class stakeholder engagement to achieve long-term sustainability of the business.
Through the Citi Foundation, Citi Singapore has supported various financial education and youth development programs including:
Citi's Institutional Clients Group (ICG) provides the most comprehensive suite of financial services, products and financing solutions to small and medium sized enterprises, top local and multinational corporations, financial institutions, governments and institutional investors. The ICG businesses include global markets and securities services, treasury and trade solutions, investment research and analysis as well as corporate and investment banking.
Singapore is a key hub for Citi's Markets and Securities Services business in Asia. Our Foreign Exchange, Commodities and Fixed Income businesses are firmly anchored in Singapore. Citi's product offering includes vanilla and structured FX and interest rate products; commodities; equities; fixed income; credit derivatives; and, other complex structured and hybrid solutions as well as prime brokerage services. We are equipped to provide clients with unparalleled access to over 650 currency crosses and expertise to over 80 local markets trading desks. We cater to a broad range of clients from small and medium sized enterprises to multinational corporations and financial institutions. In our Securities and Fund Services business, we offer a wide suite of client solutions including Global Custody, Fund Administration, Performance Measurement, Securities Finance, Collateral Management Services, Trustee Services, Agency and Trust and Depositary Receipt as well as Custody and Clearing services.
Citi is the leading provider of integrated transaction banking solutions in Singapore, covering cash management and trade services. We offer the most comprehensive suite of products and services in the market to multinational corporations, financial institutions, local corporates and public sector clients.
In 2015, we enhanced functionalities in our online banking portal, CitiDirect BE, to drive efficiency and improve client experience. In the same year, we launched CitiDirect BE Tablet which provides institutional clients with interactive features such as real-time account balance visualizations, and the ability to view, authorise and release transactions on the go. CitiDirect BE Tablet has been successful in engaging senior officers in our client's organization, such as regional and global treasurers, by providing a consolidated view of accounts globally.
In line with our focus on digitalization, we recently rolled out CitiDirect Image Upload, an innovative solution which allows clients to transmit manual instructions via our secure CitiDirect BE platform. This has helped to eliminate unsecured movement of paper instructions and enhanced accountability for clients through a dual-control process.
Citi's outstanding performance in the Singapore market is a demonstration of its quality relationships and full-service expertise across multiple sectors. This is evident from Citi's participation in almost every landmark deal — leveraging its extensive global network and strong execution capability to value-add to each deal. Over the period of 1 June 2015 to 31 May 2016, Citi executed 6 M&A deals (over US$11.1 billion in value), 6 debt deals (raising over US$3.7 billion), and 2 equity & equity-linked deals (raising approximately US$263 million).
Citi Commercial Bank (CCB) Singapore has carved a niche for itself as a thought partner and enabler to mid-market and small-medium enterprises in Singapore, riding on its breadth of products and services and expertise in risk control to provide the best in trade finance, and cash and treasury management to its clients.
These qualities, coupled with the strength of Citi's global presence and Singapore's business climate, position CCB Singapore as a recognized partner in supporting both local and foreign firms in their expansion out of Singapore into the region. The success of this ability is seen over the last two years through reverse enquiries from foreign mid-sized companies interested in expanding into Singapore as a hub, particularly in the trading and e-commerce sectors. The strength of CCB's name and position in the market gives companies seeking regional expansion a one-stop shop, where they can manage their business and operations across multiple countries.
In addition to being the recipient of multiple industry recognitions from the likes of FinanceAsia, Asiamoney and Alpha Magazine, CCB Singapore is noteworthy for its focus on community involvement and its commitment to Corporate Social Responsibility.
In 2005, Citi's Consumer Banking business was transferred to Citibank Singapore Limited, a locally-incorporated and wholly-owned subsidiary of Citigroup. Citibank Singapore is built around the following three key business lines: (1) wealth management products and services including investments, insurance, deposits and treasury products; (2) unsecured products such as credit cards and personal line of credit, and (3) secured products covering housing loans and share financing.
Serving emerging affluent and affluent customers in Singapore, digitization and innovation are key priority areas for Citibank Singapore as it seeks to deliver a differentiated banking experience to customers. The bank continues to be a market leader in Singapore, developing new and innovative products and services for customers.
These products and services include:
To date, Citibank is accessible to customers at more than 1,500 touch-points in Singapore, covering branches, Citibank ATMs and ATM locations under the ATM5 shared network.
Citi operates one of the world's leading global private banks, whose teamwork, commitment to service, and ability to see and seize opportunities for clients set it apart. With over 800 Private Bankers and product specialists, located in 48 offices in 16 countries, Citi Private Bank acts as trusted advisor to many of the world's most successful and influential individuals and families.
Comprehensive services are tailored to individuals and families, including entrepreneurs and business owners, single- and multi-family offices, senior corporate executives, next generation/ inherited wealth, law firms and attorneys.
Through banking and cash management to lending, investment strategies, and trust and wealth advisory services, Citi Private Bank's goal is to deliver expertise and a premier level of service while helping grow, manage and preserve wealth.
Our capability and platform allows us to attract UHNW individuals who have sizeable businesses and who are looking for a financial institution who can work with them, both locally and around the world, in structuring solutions that are appropriate in meeting their business goals. These can range from helping them to issue bonds, to advising and handling M&A transactions, to IPOs or any solution that helps them realize their goals.
Citi International Personal Bank (IPB) Singapore was established in 1983 to meet the offshore banking needs of affluent individuals who reside outside of Singapore. In 2013, Citi's Non-Resident Indian (NRI) segment was integrated with IPB.
IPB provides global banking and investment services to these individuals who have a global lifestyle and minimum assets of US$150,000 to help them grow, protect and preserve their wealth in choice jurisdictions.
IPB offers multi-lingual Relationship Managers and a team of highly trained specialists as well as a comprehensive range of financial options to provide customers with ease and convenience for their day-to-day banking needs and access via phone, fax, internet and over 1.4 million ATMs worldwide.