Singapore's best international bank 2020: Citi
Citi, under Asean head and Singapore country officer Amol Gupte, has proved a leader in every part of the market.
In 2019, Citi’s commercial banking business reported revenue growth of 8% year on year, while cash revenue was up 20%. Its retail banking business is strong, and Citi launched a new version of its mobile app in 2020, giving its consumer banking customers additional ease and access while under lockdown. Citi’s active mobile app user base grew 18% during Asiamoney’s awards period.
Citi supported clients that were affected by the Covid-19 pandemic, developing a financial relief programme that is available until the end of 2020. The programme includes payment deferrals on mortgages and access to loans.
Citi’s Singaporean investment banking business ranked third for equity capital markets transactions during the award period, according to Dealogic. Citi ranked seventh for debt capital market transactions and fourth for mergers and acquisitions. The bank advised on several real estate transactions, a key segment in Singapore. It finds repeat business from leading customers including Singapore sovereign wealth fund Temasek and logistics company GLP.
Citi offers its commercial banking clients an international platform. That has been particularly useful this year, as borders closed because of the pandemic. One Citi banker recalled how quickly the firm was able to set up payroll for a Singaporean shipping company that needed to pay employees who were stuck in the Philippines. Citi set up an account for the company in two days, helping it to make payroll in Manila on schedule.
This service, flexibility and reach is what makes Citi so essential for its clients.