Hong Kong: Finance Asia, one of Asia’s leading magazines covering the banking industry, has named Citi as the Best Bank in Asia Pacific for 2010. The award marks the second year in a row that Citi has picked up the prestigious award and the twelfth time since it was first handed out thirteen years ago. The award is decided by the editorial team at Finance Asia.
In the editorial write up to announce the award, Finance Asia said: "Citi continues to expand and grow...and also helped Asia Pacific clients raise US$160bn from the international capital markets in 2010. Its global franchise that flows through the emerging markets also helps multinationals expand internationally."
Citi also picked up the Best Commercial Bank, Best Private Bank and Best Cash Management Bank award in Asia Pacific from Finance Asia for 2010. Citi-led transactions also received wide recognition including Deal of the Year and Best IPO, Best Mid-cap Equity Deal, Best Investment Grade Bond, Best High Yield Bond, Best Sovereign Bond and Best Deals in the Philippines and Vietnam.
Asia Pacific CEO Stephen Bird received the award on behalf of Citi’s 50,000 employees in the region at the awards dinner in Hong Kong on February 17th.
"This award is excellent recognition for the Citi team across Asia Pacific whose passion and commitment is second to none. I would also like to thank clients for their continued trust in Citi and we look forward to delivering more innovative solutions for them in the year ahead," said Stephen Bird.
The awards added to Citi’s recognition mid-year in 2010 from Finance Asia where the bank picked up Best Foreign Commercial Bank in Australia, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Taiwan and Thailand and Best Foreign Investment Bank in India.
Citi, which has operated in Asia since 1902, has operations in 18 markets across the region serving retail and institutional clients. In the last decade Citi has grown from under 100 branches in 2000 to over 700 at the end of 2010. Citi’s retail and institutional deposits are also at all time highs in Asia, in excess of US$105bn and US$120bn respectively at the end of 2010.
In 2010 Citi in Asia Pacific reported revenues of US$14.4bn and profit of US$4.6bn. This made the region the largest contributor to Citigroup’s global profit in 2010 of US$10.6bn.
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