Citibank Singapore

Citibank Singapore Limited is a division of Citibank N. A. of the United States and incorporated in Singapore on 28 June 2004. It has Qualifying Full Bank status which was awarded to its parent on 20 October 1999, and the QFB status was transferred on the same day of its incorporation. The bank has a shared ATM network with HSBC, RBS, Standard Chartered and Maybank called atm⁵.

The bank's headquarter is located at Millenia Tower. The main branch is at Capital Square at 23 Church Street. With the Qualifying Full Bank status, it can open up to 25 branches with up to 10 can be branches from 1 January 2005.

Citibank in Singapore

Citibank's Global Consumer Banking division began banking operations in Singapore in 1982. Although a relative latecomer to the retail-banking sector, the bank has grown into a formidable market player with major market share in key businesses including unsecured lending, deposits and investments and secured assets. Citibank was among the first four foreign banks to be awarded the Qualifying Full Bank (QFB) license by the Monetary Authority of Singapore (MAS) in 1999. Citibank's Global Consumer Group in Singapore has long been acknowledged in the industry for its people management practices, and has produced some of the country's most outstanding talents^{[dubious – discuss]} in the consumer banking industry. In recognition of its people development practices, the Global Consumer Group in Singapore was awarded the People Developer Standard by SPRING Singapore (Standards, Productivity and Innovation Board) in 2003. This is a national initiative to recognise and award outstanding people^{[dubious – discuss]} management practices in Singapore.

In June 2004, Citibank announced its move to incorporate a wholly owned subsidiary of Citigroup in Singapore, known as Citibank Singapore Ltd, with a paid-up capital of S$1.5 billion. This move comes as part of Citibank's strategy to grow its international businesses, and reaffirms the bank's long-term commitment to the Singapore.

History of Citibank Singapore

Citibank first established its operations in Singapore on 1 July 1902. It was then known as the International Banking Corporation (IBC) and was the first American bank to set up a branch in Singapore. Located at 1 Prince Street, IBC was primarily involved in the trade financing of Malayan rubber and tin exports in the early twentieth century.

The rising affluence of consumers in the last 20 years created new opportunities. Committed to helping consumers achieve their financial goals, Citibank established the Consumer Bank in 1982, to cater to the needs of individuals and small businesses.

Euromoney Awards:

• Best Bank in Singapore (2008–2009)
• Best Bank in Asia (2009)

Industry Milestones by Citibank Singapore Ltd. Global Consumer Group

1980s

Citibank ATM - First to popularize ATM banking in Singapore.

Early 1990s

First phone banking service manned 24-hour round the clock by CitiPhone Officers.

June 2002

First Qualifying Full Bank (QFB)-licensed bank to offer the Visa global debit service.

July 2003

First in Singapore to introduce ‘cash-back’ feature through the Visa platform. Citibank Instant Cash allows customers who hold the International Citicard with the Visa point-of-sale debit feature, to withdraw funds from their Citibank account, when making purchase payments at retail locations.

January 1, 2005

First foreign bank to officially establish and incorporate a wholly owned subsidiary in Singapore – Citibank Singapore Ltd. Citibank Singapore Ltd holds a Full Bank License with Qualifying Full Bank privileges and with a paid-up capital of S$1.5 billion.

External links

• Citibank Singapore
• Citibank IPB Singapore