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     FrontPage Edition: Sat 8 January 2005

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Citibank Singapore Ltd incorporates in Singapore

 

 
“After 102 years of serving our customers’ banking needs in Singapore, we are finally taking up ‘citizenship’. Citibank believes that Singapore has one of the best-regulated banking markets in Asia Pacific, and this move enables us to enhance our competitive position while ensuring the highest quality service levels to our customers.” Country Business Manager for Citibank’s Consumer Bank, Mr Lee Ah Boon said everyone at Citibank Singapore is very excited about the incorporation exercise.
That announcement was made in a press release on 28 June 2004. Yesterday, in the Government Gazette, was a notice announcing that the Monetary Authority of Singapore (MAS) had issued a licence under section 70 of the Banking Act to Citibank Singapore Limited.
Citibank Singapore Ltd, a wholly owned subsidiary of Citigroup in Singapore, has been incorporated with a paid-up capital of S$1.5 billion The new bank, which holds a Full Bank License with Qualifying Full Bank privileges, oversees the entire consumer banking business in Singapore.
The decision to incorporate Citibank’s consumer banking operations in Singapore comes as part of Citibank’s strategy to grow its international businesses, and the incorporation reaffirms the bank’s long-term commitment to the Lion City.
With the incorporation of Citibank Singapore, customers continue to enjoy the same excellent facilities and services via four branches, ATMs, CitiPhone Banking and Citibank Online. Furthermore, customers’ existing account numbers remain unchanged.

Sources: Citibank Press Release 28 Jun 2004, Government Gazette 7 Jan 2005, Citibank advertisement in The Straits Times 1 Jan 2005 (H5)

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