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.
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.