Citibank Singapore Limited is a division of Citibank N.A. of the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

and incorporated in

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

on 28 June 2004. Its parent was awarded Qualifying Full Bank (QFB) status on 20 October 1999, and this status was transferred to the Singapore division on the day of its incorporation. The bank has a shared

automated teller machine An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fun ...

(ATM) network with

HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...

State Bank of India State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the ''Fortune ...

Maybank Malayan Banking Berhad (doing business as Maybank) is a Malaysian universal bank, with key operating "home markets" of Malaysia, Singapore, and Indonesia. According to the 2020 Brand Finance report, Maybank is Malaysia's most valuable bank b ...

The Royal Bank of Scotland The Royal Bank of Scotland plc (RBS; gd, Banca Rìoghail na h-Alba) is a major retail banking, retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) ...

Bank of China The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world. The Bank of China was founded in 1912 by the Republican government as China's central bank, repl ...

, and

Standard Chartered Singapore Standard Chartered Singapore (officially Standard Chartered (Singapore) Limited) is the Singapore based subsidiary of British banking and financial services company, Standard Chartered. Opening its first branch in 1859, the bank is the one of the ...

called atm⁵. The bank's headquarters are located at

Asia Square Asia Square is a retail and office building located along Marina View at Marina Bay in Singapore. It is located in Marina Bay, Singapore's new business and financial precinct. It comprises of office space, over 30 entertainment and dining prem ...

. The main branch is at

Capital Square Capital Square, commonly referred to as Cap Square, is a residential condominium skyscraper and shopping mall along Jalan Munshi Abdullah, in midtown in Kuala Lumpur, Malaysia, developed by Bandar Raya Developments Berhad. Apart from retail sp ...

at 23 Church Street. With the QFB status, the bank was entitled to open up to 25 branches, with up to ten from 1 January 2005. Back-end operations are concentrated in

Changi Business Park The Changi Business Park (Abbreviation: CBP; ms, Taman Perniagaan Changi; Chinese: 樟宜商业园; ta, சாங்கி பிஸினஸ் பார்க்) is a business park located in Changi South, in the eastern part of Singapore. ...

History

Citibank established operations in

on 1 July 1902. It was then known as the International Banking Corporation (IBC) and was the first United States 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 20th century. In the 1980s, Citibank was the first bank in Singapore to popularise the use of

s (ATMs). Citibank established its Global Consumer Banking division in 1982 to cater to the needs of individuals and small businesses. In the early 1990s, it created Singapore's first

telephone banking Telephone banking is a service provided by a bank or other financial institution, that enables customers to perform over the telephone a range of financial transactions which do not involve cash or Financial instruments (such as cheques), without ...

service which was staffed 24 hours a day by CitiPhone officers. Although a relative latecomer to the retail-banking sector, the bank has grown into a formidable market player with a 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 a Qualifying Full Bank (QFB) licence by the

Monetary Authority of Singapore The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well ...

(MAS) in 1999. In June 2002 Citibank was the first QFB-licensed bank in Singapore to offer the

Visa Visa most commonly refers to: *Visa Inc., a US multinational financial and payment cards company ** Visa Debit card issued by the above company ** Visa Electron, a debit card ** Visa Plus, an interbank network *Travel visa, a document that allows ...

global debit service, and the following July it was the first in Singapore to introduce a

debit card cashback Debit card cashback (also known as cash out in Australia and New Zealand) is a service offered to retail customers whereby an amount is added to the total purchase price of a transaction paid by debit card and the customer receives that amount in ...

scheme through the Visa platform. Called Citibank Instant Cash, the scheme allows customers who hold an International Citicard with the Visa

point-of-sale The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice f ...

debit feature to withdraw funds from their Citibank accounts when making purchase payments at retail locations.

Citibank Singapore

In June 2004, Citibank announced that it would be incorporating a wholly owned subsidiary of Citigroup in Singapore, known as Citibank Singapore Limited, with a paid-up capital of S$1.5 billion. This move, which saw Citibank becoming the first foreign bank to do so, came as part of Citibank's strategy to grow its international businesses and reaffirmed the bank's long-term commitment to the Singapore. The new entity began functioning on 1 January 2005. CitiBusiness Singapore is a unit of Citibank Singapore Ltd that serves

small and medium enterprises Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank ...

(SMEs). It was launched in Singapore in 2005.

International Personal Bank

Citibank International Personal Bank Singapore Citibank International Personal Bank (IPB) Singapore is a business unit of Citibank Singapore that specializes in offshore investment and wealth management products and services to high-net-worth individuals residing outside of Singapore. It has ...

(IPB), a division of Citibank Singapore Limited, was established to meet the offshore banking needs of individuals residing outside of Singapore. Currently,

has one branch in Asia Square located along Marina Bay.

Citibank Business Singapore

Citibank Business Singapore has 5 branches, namely at Capital Square, Citi Wealth Hub, Parkway Parade, Holland Village, and Jurong East

Time Line

2006- CitiBusiness Singapore enhanced its SME offerings by introducing services and products that were traditionally only offered by banks to larger corporations.

Products and services

Citibank Business Singapore offers its customers facilities such as cash management, loans, foreign exchange facilities, monetary options to engage in trade,

credit cards A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...

and other value added services.

Sponsorship and CSR

As part of its CSR, CitiBusiness Singapore is the main sponsor for the Singapore Prestige Brand Award (SPBA), which is organised by the Association of Small and Medium Enterprises (ASME) and

Lianhe Zaobao ''Nanyang Sin-Chew Lianhe Zaobao'' (; literally "Nanyang Sin-Chew Joint Morning Paper"), commonly abbreviated as ''Lianhe Zaobao'' (; literally "Joint Morning Paper"), is the largest Singaporean Chinese-language newspaper with a daily circu ...

, a Chinese language newspaper.

References

External links

Citibank SingaporeCitibank International Personal Bank Singapore
{{use dmy dates, date=February 2014 Banks established in 2004 Banks of Singapore