Singapore's best international bank 2021: Citi
A bank can always plan for the worst. But it demonstrates its skills and understanding of the market and clients from the way it responds and keeps its business humming when the worst actually happens. In Singapore, Citi did a stellar job in navigating the havoc caused by the pandemic in the past 18 months, making it Asiamoney’s pick for best international bank in the city-state.
Citi operates in Singapore through three entities: Citibank Singapore, Citibank NA Singapore branch and Citicorp Investment Bank (Singapore). Together, they reported net income of about S$1.1 billion ($810 million) in 2020, up about 17% from the previous year.
Its recipe for success is its one team approach – or what the management calls One Citi – to make sure all business lines are firing on all cylinders through collaboration across teams and markets.
Take the example of Singapore-based Utac Holdings, a semiconductor chip assembly company whose sale to Wise Road Capital, a China-based private equity firm, was completed in August 2020. Citi was the financial adviser to Utac.