Citibank Singapore

Did you know?

  • After the War between Britain and the United States ceased in 1814, the City Bank of New York received 33% of all federal deposits in the state as a reward for its wartime assistance to the government.
  • The bank had 14 other founding directors other than Samuel Osgood. They came from diverse walks of life and represented a cross-section of the city’s commerce and trade community.
  • The bank had its first female officer in Nathalie Laimbeer in 1925 and hired its first female page or messenger in 1941. Ann Gabriel became the bank’s first female branch manager in 1968 and Gladys Coupet was appointed its first female country officer in 1985.
  • Citi codified its lending principles and policies in a small book called the Credit Doctrine for Lending Officers in 1976.
  • The bank entered into an agreement with IBM in 2012 to use its IBM Watson artificial intelligence computers for providing a better digital banking experience to its customers.

Citibank’s Founding Story

In the later part of the 18th century, a need was felt for more banks in America because it had only 4 banks in the 1790s. The Bank of the United States, which was the country’s first effort at a central bank, was chartered into existence in 1791 by the Congress.

This bank received the giant share of the federal deposits, had the authority to print legal tender, and was even controlling the currency flow in the country to some extent. The state-chartered banks, on the other hand, had failed to branch out, and received almost no federal deposits. The currency circulated by them were not considered to be legal tender. These banks felt stifled.

So, when the 20-year old charter of the central bank came up for renewal in 1810, there was fierce opposition from various quarters.

While the senate vote on the issue of renewal of its charter ended in a tie and the deciding vote, cast by the then U.S. Vice-President, went in its favour, the members decided to dissolve its branches and liquidate the assets. More than 50% of the wealth generated by this, was used as startup capital for starting the City Bank of New York. It’s existence was chartered on 16 June 1812. Thus, began the next 200-plus glorious years of journey of Citibank.

The bank, after undergoing multiple name changes and location changes, continues to serve the United States and all the major markets in all the continents, with great purpose and devotion. Today, more than 50 years on, the global headquarters of the bank still remain at 399 Park Avenue, New York.

Citi not only continues to provide employment and innovative banking solutions, it also continues to act as a responsible corporate citizen throughout the world, upholding principles of sustainable growth and fair competition.

History of Citibank in Singapore

Citi has been present in Singapore since 1902. During this period, the bank has served businesses, corporates, and retail customers and investors across a panoply of asset classes.

The Global Consumer Banking business in Singapore was incorporated as Citibank Singapore Limited, a wholly owned subsidiary of the Citigroup on 1 January 2005. This became possible after the bank was granted a full qualifying bank license by the Monetary Authority of Singapore.

The bank is today the largest foreign banking employer in Singapore and employs more than 10,000 people in the country. It consists of strategically important business hubs and business verticals that add to the financial strength and stability of the bank in the area and indeed across other regions, too.

As a centre of excellence in the Asia-Pacific region, Citi Singapore supports and manages a number of key innovation hubs, advanced product development centres, and state-of-the-art data centres that serves businesses and other clients in 60 countries.

The bank offers client-focused services with the help of important groups such as the Citi Private Bank (Global), Global Subsidiaries Group (Asia), and the International Personal Bank (Global).

The bank supports its customer-focused and product-related innovation initiatives through strategic groups such as the ASEAN Investment Banking Hub, the Global Consumer Bank, the Treasury and Trade Hub, and the Markets Hub.

Some of its other globally recognised innovation and service-delivery centres include the Consumer Innovation Lab, the Citi Innovation Lab (TTS),Retail Banking & Cards Asia, the Asia Pacific Citi Service Centre, Citi Private Bank (Asia & Global), and Securities & Fund Services Asia.

Global Footprints

Citigroup aims to make quality financial services and products available to a wide range of social stakeholders - retail customers, businesses, industries, and governments, to help them enjoy financial solvency and to help them meet their financial objectives.

The bank plays a special role in funding of infrastructure and urban developments across the globe. It has a presence in the following regions:

  • Asia Pacific
  • Europe
  • Middle East
  • Africa
  • Latin America
  • North America

As of 2017, Citi has 209,203 employees spread across 160 countries and jurisdictions. It has 106,003 female employees, and 103,200 male employees. The bank has served more than 200 million customers over its 200-year old history.

Till 2017, the bank had more than 150 employee networks and was running 89 employee network programmes in North America, 19 in Asia Pacific, 15 in Latin America, and 35 in Europe, Middle East, and Africa.

Performance of Citibank in Singapore

The standout performance indicators of Citi Global till the end of Q4 2017 are as follows:

Global Consumer Banking Net Revenue: US$32.7 billion

Institutional Clients Group Net Revenue: US$35.7 billion

Corporate and Other Net Revenues: US$3.1 billion

Total Net Revenue: US$71.5 billion

Net Income: US$15.8 billion

Assets: US$1,843

Deposits: US$959.8 billion

The highlights from the latest results (Q2 2018) are as follows:

Return on Equity: 9.2%

Earnings Per Share: US$1.63

Net Income: US$4.5 billion

Revenue: US$18.5 billion

Return of Capital to Common Shareholders: US$3.1 billion

Citibank’s Product Portfolio in Singapore

Personal Banking:

  • Accounts and Deposits
  • Local Currency Accounts:

    • Citi MaxiGain Savings Account
    • Citibank InterestPlus Savings Account
    • Citibank MaxiSave Account
    • Citibank Step-Up Account
    • Citibank Junior Savings Account
    • Citibank Tap And Save Account
    • Basic Banking Account
    • Money Market Account

    Foreign Currency Accounts:

    • Global Foreign Currency Account
    • CitiAccess
    • US$ Savings Account
    • US$ Checking Account

    Time Deposits:

    • S$ Time Deposit
    • Foreign Currency Time Deposit
      • Euro
      • Australian Dollar
      • New Zealand Dollar
      • Sterling Pound
      • Canadian Dollar
      • Swiss Franc
      • Japanese Yen
      • Hong Kong Dollar
      • US Dollar
      • Offshore Renminbi
      • South African Rand
  • Credit Cards
    • Travel cards
      • Citi PremierMiles American Express Card
      • Citi PremierMiles Visa Card
    • Rewards cards
      • Citi Prestige Card
      • Citi Rewards Card
    • Cashback cards
      • Citi Cash Back Card
      • Citibank SMRT Card
      • Citi M1 Card
      • Citibank Esso Mobil Privilege Card (Complimentary card with the main card)
    • Student card
      • Citibank Clear Card
    • Business cards
      • Citi Corporate Card
      • Citi Purchasing Card
      • Citi Travel Account
    • Supplementary cards
  • Mortgage
    • New home purchase
    • Refinance your mortgage
    • Cashout
    • Commercial loan
    • Additions & Alterations or Reconstruction
  • Personal Loan Options
    • Debt Consolidation Plan
    • Personal Loan
    • Balance Transfer
    • Paywise
    • Ready Credit Products
      • Ready Credit
      • Ready Credit Card
      • Citibank Ready Credit Paylite
  • Insurance
    • Accident & Health Insurance
    • Life Insurance Solutions
    • Travel Insurance
    • Credit Insure Insurance Plans
      • Credit Insure Gold
      • Credit Insure

Citigold Private Client:

  • Wealth Management
    • Treasury and bond capabilities
    • Foreign exchange
      • Spot
      • Forward Contracts
      • Options
      • Accumulators
      • Non-deliverable forwards
    • Premium accounts
    • Gold Account
    • Fixed income and hybrid securities
    • Citibank Currency Trading Account
  • Banking
    • Deposit accounts in Singapore dollar and foreign currencies
    • Singapore dollar and foreign currency time deposits
    • Globally accepted debit cards
    • Citibank ULTIMA Card and other Citi credit cards
  • Business Banking
    • Cash management
    • Trade services and trade finance
    • Treasury solutions
  • Investment Solutions
    • Market-Linked Account
    • Unit Trusts
    • Structured products
    • Alternative investments
    • Wrap portfolio service
    • Portfolio finance solutions
  • Wealth Preservation & Transference
    • Income protection and wealth accumulation plans
    • Retirement solutions
    • Worldwide health and medical plan
    • Universal Life plans
    • Citi Trust Wealth Structuring Referral services
  • Home Financial Services
    • Citibank Home Saver (financing local properties)
  • Equity & Brokerage
    • Citibank Brokerage
    • Citibank Brokerage Advisory Service

Awards

The following are some of the most prestigious awards that the bank has won globally in 2017 and 2018:

  • Top Companies for Corporate Diversity Practices of the S&P 100 by Calvert Investments
  • Top 50 Employers for Women by The Times
  • Top 100 Global Diversity and Inclusion Index by Thomson Reuters
  • 100% Score: Corporate Equality Index by Human Rights Campaign (HRC)
  • Military Friendly Employers: Top 100 by Military Friendly
  • Best For Vets: Top 100 by Military Times
  • Financial Services Gender-Equality Index by Bloomberg
  • Best Bank for CSR by Asiamoney (Singapore)

People’s Association Community Spirit Award (Community Partnership Excellence Award) for the years 2016 and 2017 in Singapore

Social Responsibility and Sustainability Initiatives

Citi is one of the strongest proponents of financial inclusion and education of the young people in Singapore. Since 2002, the bank has invested more than S$17 million in various initiatives towards this cause.

In partnership with various NGOs, Citi Singapore has so far reached out to students and teachers from over 80% of the schools in the city-state. So far, 425,000 students have already benefited from such financial education campaigns.

Some of the well-known Citi CSR and philanthropic initiatives are as follows:

Financial Inclusion

  • Citi-Tsao Foundation Financial Education Programme for Mature Women: This programme has been equipping mature women from low-income groups since 2008. It has so far helped 8,500 women in their quest for self-independence and financial literacy.
  • Citi-NUS NAI Financial Capability and Asset Building (FCAB) Initiative for Social Workers in Singapore: It aims to sensitise social workers about the plight of low-income families and equip them with knowledge that would help social workers enhance the financial capability of these vulnerable groups. This programme was started in 2016.

Youth Economic Opportunities

  • Citi-YMCA Youth for Causes: It aims to develop community leadership and encourage social entrepreneurs in Singapore. So far, 5,560 young people have benefited from the programme and about S$9 million has been invested in this programme.
  • Citi-TOUCH Community Services Aspire Programme: This programme aims to make ITE students industry-ready and equip them with necessary soft skills and occupational knowledge. This programme was launched in August 2016 and has so far helped 200 young people get employability skills.

Philanthropy

  • Donate-as-you-drink: The bank encourages every employee to donate S$0.10 for every drink they pay for to get drinks from dispensers located at Citi offices. The money, which on an average translates to S$5,000 per year, is then utilised for social welfare activities.
  • Citi IT and Partners Charity Golf: This charity event, first started in 2002, acts as one of Citi’s many CSR fundraising events. So far, S$5.9 million has been raised and used for many of Citi’s pet charity projects.

Employee Volunteerism

  • Global Community Day (GCD): This annual event serves as a platform for employees, alumni, partners, and the family of Citi employees to employ their expertise and time to make meaningful contributions towards the welfare of the local community. In 2017, around 5,300 Citi employees, partners, friends, and families had participated in 37 events organised over a month-long period between 10 June 2018 and 8 July 2018. Some of the events organised during this period were:
    • Advocacy campaigns
    • Fundraising event
    • Volunteer events
    • Workshops aimed at enhancing skills
    • Donation drives

For the whole of 2017, more than 6,000 volunteers had participated in more than 100 social welfare events under the aegis of Citi.

Sustainability

  • Employee education on issues of climate and sustainable development: Citi organised events throughout the year to sensitise its employees and help them adopt environment-friendly measures and actions. An awareness campaign was organised on 26 March 2018 in this regard.
  • Earth Hour: The bank had taken active participation in this year’s Earth Hour, on 24 March 2018. It had switched off its logo signage at a number of its facilities in Singapore to mark the event.

The bank is also a founding member of The Company of Good, a programme that encourages businesses and corporate citizens to contribute holistically towards community development.

Citibank in the News

Citi Staff in Singapore to Undergo ReSkilling in Order to Adapt With the Digital Banking Era

Citi has planned to launch a Professional Conversion Programme (PCP) to reskill more than 2,000 employees over the next 3 years as it plans to reposition itself in the market to capitalise on the opportunities presented by the changing dynamics in the financial services industry.

The programme will take off with 400 employees from the Operations & Technology, and Consumer Banking divisions of Citi. The participants, who will be selected from diverse departments such as customer care and operations, will be trained on areas such as design thinking, cybersecurity, customer journey mapping, and automation - skills which are seen to be integral to success in a digital economy.

This programme has been created by Citi Singapore in collaboration with Workforce Singapore, and the Institute of Banking and Finance Singapore (IBF). Successful candidates will be certified by IBF on successful completion of the programme.

The aptitude of candidates for the various areas will be assessed before they’re reassigned to new roles.

29 June 2018


Private Bank Division of Citi Releases Critical Insight into the Family Affairs Management Industry

The Private Bank division of Citi has recently released a new thought leadership piece on the family office industry, which is increasingly gaining popularity with the rich and the powerful for management of their family wealth, investments, and other affairs of familial nature.

The new piece claims to highlight industry best practices and critical insights, gleaned through careful research, by the bank’s Global Family Office Unit. The bank hopes that it will help family office executives because prior to the publication of this report, there was little research or data that managers could rely on.

The interactions and inputs from the bank’s 1,100 family office clients globally were used to create the content. It will be released in a series of white papers and articles over a 3-month period.

2 May 2018


Citi Credit Card Customers in Singapore to Enjoy Apple Pay Benefits

The bank has informed that its credit card customers in Singapore can now enjoy the benefits and convenience of Apple Pay.

The bank has claimed that this will make digital and electronic payments even more secure. That’s because the card number doesn’t get stored on Apple servers or on the payment terminal. A transactional identifier, in the form of a Device Account Number, gets created, encrypted, and stored in a security element of your mobile or computing device.

Vikas Kumar, Head of Cards & Personal Loans, Citi, said that now the bank’s customers will be able to use compatible Apple devices to make retail transactions in a seamless and secure manner, even if they don’t have their credit card on them.

26 April 2018


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