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Citibank Singapore
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, ABN AMRO, Standard Chartered and Maybank called atm5. The bank’s headquarter is located at Millennia Tower. The main branch is at MacDonald House at Orchard Road, when it moved from 268 Orchard Road. With the Qualifying full bank status, it can open up to 25 branches with up to 10 can be branches from 1 January 2005. 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 longterm 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.
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 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 management practices in Singapore.
Industry Milestones by Citibank Singapore Ltd. Global Consumer Group External links
• Citibank Singapore
Retrieved from "http://en.wikipedia.org/wiki/Citibank_Singapore" Categories: Citigroup, Banks of Singapore, Banks established in 2004, Singapore stubs, Asian company stubs, United States bank stubs
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From Wikipedia, the free encyclopedia
Citibank Singapore
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