Indonesia's best international bank 2019: Citi
Citi’s operation in Indonesia is envied by both domestic banks and other international lenders alike. And for good reason. The US firm is one of the few international banks in the southeast Asian country to cover corporate and investment, commercial and consumer banking.
Its franchise is doing well. Citi Indonesia reported net income of Rp838 billion ($59 million) in the first quarter of 2019, up an impressive 44% year on year. This was thanks to a boost in net interest income and net trading income, to Rp1.1 trillion and Rp313 billion respectively. Return on equity rose to 20.8% in the first quarter from 14.3% in the same period of 2018, while return on assets rose to 5.3% from just under 4%.
Across CIB, Citi offers a full suite of services and has worked with a host of companies across equity and debt capital markets, as well as loan syndications. Its client base includes names such as Link Net, Saka Energi Indonesia and Bank Rakyat Indonesia, as well as the Indonesian sovereign, XL Axiata and state-owned Perusahaan Listrik Negara.
Citi Indonesia’s global subsidiaries group has also trumped its rivals when it comes to working with multinational corporations. The bank’s MNC segment reported double-digit asset growth year on year in 2018, boasting clients such as Home Credit Indonesia and Lestari Banten Energi.
Under chief executive Batara Sianturi, Citi Indonesia has made big efforts to encourage investment into the country by holding roadshows in China, Taiwan and Japan, for example. As of May, flows in Citi’s Taiwan-Indonesia corridor were up 83% year on year, while in the Japan-Indonesia corridor they were 27% higher.
Citi’s commercial banking capabilities remain unrivalled, as does its treasury and trade solutions, as well as markets and services businesses. For the latter, for instance, transaction volumes jumped 15% over the last year.