Citibank Singapore Limited is a division of

Citibank N.A. Citibank, N.A. ("N. A." stands for " National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation. Citibank was founded in 1812 as City Bank of New York, and ...

of the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

and incorporated in

Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...

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) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account ...

(ATM) network with

HSBC HSBC Holdings plc ( zh, t_hk=滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business li ...

State Bank of India State Bank of India (SBI) is an Indian Multinational corporation, multinational Public sector undertakings in India, public sector bank and financial service body headquartered in Mumbai. It is the largest bank in India with a 23% market shar ...

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 Public Limited Company () is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest and Ulster Bank. The Royal Bank of Scotland has around ...

Bank of China The Bank of China (BOC; ; Portuguese language, Portuguese: ''Banco da China'') is a state-owned Chinese Multinational corporation, multinational banking and financial services corporation headquartered in Beijing, Beijing, China. It is one of ...

, 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 List of oldest ...

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 pr ...

. The main branch is at Capital Square 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 (CBP) is a business park located in Changi South, in the eastern part of Singapore. Launch In 1992, JTC Corporation had plans to make a second business park in Changi South with the first 12-hectares being completed in ...

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 that do not involve cash or financial instruments (such as checks) without the ...

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 or (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 ...

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

Visa Visa most commonly refers to: * Travel visa, a document that allows entry to a foreign country * Visa Inc., a US multinational financial and payment cards company ** Visa Debit card issued by the above company ** Visa Electron, a debit card ** Vi ...

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 i ...

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. In 2019, Citibank had 15 branches across Singapore. In Oct 2024, the bank closed the Jurong East branch, which is its last regular branch in Singapore. This move was to shift the bank's focus towards online banking and targeting its service at high net-wealth clients via its wealth hubs.

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 many national agencies and international organizat ...

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

International Personal Bank

Citibank International Personal Bank Singapore (IPB), a division of Citibank Singapore Limited, was established to meet the offshore banking needs of individuals residing outside of Singapore. Currently, Citibank International Personal Bank Singapore has one branch in Jurong.

Citibank Business Singapore

Citibank Business Singapore has 3 mini branches for Citigold clients, 1 main branch at Jurong East and 37 ATMs islandwide

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 Cash management refers to a broad area of finance involving the collection, handling, and usage of cash. It involves assessing market liquidity, cash flow, and investments. In banking, cash management, or treasury management, is a marketing term ...

, loans, foreign exchange facilities, monetary options to engage in trade, credit cards 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'', commonly abbreviated as ''Lianhe Zaobao'', is the largest Singaporean Chinese-language newspaper with a daily circulation of about 136,900 (print and digital) as of 2021. Published by SPH Media (formerly ...

, 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