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Banking & Finance

Citi named best foreign investment bank in Vietnam

Released at: 16:23, 24/02/2017 BUSINESS SPOTLIGHT

Citi named best foreign investment bank in Vietnam

Photo: Citi

Finance Asia also bestowed title of best bank in Asia Pacific to Citi.

by Doanh Doanh

Citi has been named as the best foreign investment bank in Vietnam and best bank in Asia Pacific for 2016 by Finance Asia Magazine, the leading industry publication.

The decision was made by its editorial team and based on the performance of banks across institutional and retail banking in the last 12 months.

“In a highly competitive market this independent recognition is greatly appreciated by all of us at Citi,” said Mr. Francisco Aristeguieta, Citi’s Asia Pacific CEO. “I would also like to thank our clients, who place their trust in us to meet their financial needs. Asia is at the heart of Citi’s growth strategy and we are well placed to capture more of the growth opportunities in the region.”

“Citi’s strength lies in its balance,” said the editorial team at Finance Asia. “No country in the region accounts for more than 12 per cent of its revenues. This spread helps the bank to put a focus on inter-Asian country flows, as well as the familiar territory of helping Asian companies move to other continents. The consumer bank has also pulled off steady growth in Asia, and on the investment banking side, continued to impress in 2016.”

The last 12 months were pivotal in Citi’s 115-year history in Asia, with a deliberate shift in strategy in response to the market environment to generate growth.

During 2016, Citi’s Consumer Banking business in Asia-Pacific, which spans 12 of 19 global consumer markets globally, was further transformed into a model that is simpler, dramatically faster, more scalable, and far more digital.

On average, Citi announced a new digital innovation or partnership fortnightly in the last 12 months. Today, more than half of the bank’s Consumer Bank clients use digital channels, with mobile being the fastest growing channel with 35 per cent growth year-on-year. One out of every four new credit card accounts acquired comes from digital sources and over 50 per cent of the bank’s clients are actively using digital banking channels, up from 30 per cent three years ago.

Over the last year, Citi launched the newly-refreshed Citi Mobile App, featuring easy-to-use functionality and interfaces such as Snapshot and Touch ID, which has seen over 2 million downloads to date. It was also the first to launch Voice Biometrics in the region, which has since received more than 700,000 sign-ups from customers, with over 1 million clients consenting.

Citi reported strong financials in Asia during 2016. In the fourth quarter it reported revenues of $3.2 billion, up 4 per cent year-on-year.

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