Citibank in market for new licences

Business Asia, May 31, 1999

The Sponsor

Citibank will apply for one of six new enhanced Singapore banking licences announced this month.

The Monetary Authority of Singapore unveiled the licences as part of a set of reforms aimed at making its banking sector more competitive internationally.

Singapore's central bank said the new Qualifying Full Bank (QFB) licences would allow foreign banks to open more branches, relocate existing ones, set up automated teller machines (ATMs) off premises and engage in ATM sharing.

"Citibank will be very keen to be part of the pioneers of the QFB," said Mr Edmund Koh, Director of Customer Franchise for Citibank.

In other news, Citibank continues to be one of the world's leading foreign exchange traders, with Euromoney's 1999 survey finding that Citibank/Salomon Smith Barney retained the largest share of the US$1.5 trillion-a-day currency market.

Citibank has been the sponsor of the Business Asia News Magazine Awards since their inception in 1994.

Mr Bill Ferguson, the bank's Country Corporate Officer and Head of Global Corporate Banking, believes sponsorship of the awards has proven complementary to Citibank's activities because many of the bank's Australian customers have business and trade links in Asia.

Citibank has been operating in Asia since 1902 and, with more than 150 branches in more than 20 countries, is believed to have the largest Asia-Pacific representation of any bank in the world.

Citibank is part of Citigroup.

Citigroup was created by the merger of Travelers' Group and Citicorp in the United States in October 1998. In Australia and New Zealand, businesses under the Citigroup umbrella are Citibank, Citicorp Life, Diners Club Australia, Salomon Smith Barney Australia and Salomon Smith Barney Asset Management Australia.