Singapore's best international bank 2017: Citi
Citi’s Singapore group of offshoots reported combined profits of more than $S800 million ($594 million) for the calendar year 2016. In investment banking, Citi Singapore got 14 deals away in the year to March 31, six in M&A deals worth $8 billion, five big equity deals to raise $2.3 billion and three debt-raisings totalling $2 billion.
In markets and securities services, Citi traded foreign exchange worth $3.12 trillion through 2016-17 for 1500 forex clients in Singapore, to lead the market.
It was busy in stocks too, where the bank handled $29 billion in equities volume for 340 active clients. In treasury, some $4 trillion moved through Citi, while in the commercial bank, Citi claims to have beaten revenue estimates by 20% in what became 24% better year on 2015-16.
On the consumer side, Citi rolled out its global ‘developer portal’ that aimed to allow external tech developers to keep Citi’s technology offerings up to the minute. The bank received over 2,000 applications from developers to add to the app, while developing digital partnerships with local ride-share service Grab, the region’s Amazon-like Lazada Group, and Airbnb. Citi Pay, a global proprietary digital wallet, showed 40% year-on-year growth.