Citi
Citi is the best international bank in Japan this year after a period of good financial performance and the introduction of changes to improve efficiency and returns.
The US firm, which has been present in Tokyo for more than 100 years, saw operating revenues for 2022 reach around ¥5,061.4 billion ($34.5 billion) and total assets climb to ¥15.7 billion.
Citi has worked to help clients mitigate the challenging market conditions that stem from negative domestic interest rates, including addressing FX spot volatility through an active hedging programme by providing recommendations to hedge or unwind positions. The bank says this has helped improve client returns by approximately 5% compared with fully hedged strategies.
In 2022, Citi also introduced a commercial cards business, offering Japanese yen services, including travel and expenses, purchasing and virtual cards through Visa and Mastercard.