Singapore's best bank for diversity & inclusion 2022: Citi
With a 120-year history in Singapore, Citi can almost be considered a local bank. The US major operates in the southeast Asian city through three entities: Citibank Singapore, Citibank Singapore branch and Citicorp Investment Bank (Singapore).
Together, the three arms made net income of S$712 million ($511 million) in 2021.
Although Citi’s overall Singapore franchise is a force to be reckoned with, for 2022, it gets the Asiamoney award for best bank for corporates thanks to its astute understanding of what clients want and going the extra mile to deliver it to them.
Citi’s Singapore commercial bank, for instance, recorded impressive year-on-year growth in all products in 2021. Lending ended up growing 32%, cash 11% and foreign exchange 23%. Total deposits jumped 43%. The business line provides top-of-the-line cash management services, trade finance, treasury and risk management to clients.
The business unveiled a fully digital way to execute loan documentation last year in a bid to improve efficiency and data quality.
It has also put together a digital account opening portal, which was bolstered in March with the addition of know-your-customer processes and a way to let information flow within systems digitally, allowing clients to automatically populate various sections of a loan form.