Citi announced that it has been named ‘Best Bank for Transaction Services’ in Asia by the Euromoney magazine in the 25th edition of its Awards for Excellence programme.
In its citation for the award, Euromoney commended Citi for its “enthusiastic tide of innovation and ideas”. It singled out the Treasury and Trade Solutions’ innovation lab in Singapore for demonstrating that “its brainy ideas can hit critical mass” and pointed out that “the staid world of cash and trade is enlivened now by discussions of robotics, predictive analytics, distributed ledger technologies and digital identity solutions.”
Euromoney also highlighted that Citi is doing the basics right – “Greenwich surveys put Citi in front for domestic and international cash management in the region, while from a bottom line perspective an impressive level of cross-selling success has helped the transaction services business hit nine consecutive quarters of year-on-year (YoY) revenue growth and 10 of margin growth.”
Some of the other achievements highlighted by Euromoney include the CitiDirect BE mobile solution, which saw US $ 425 billion transactions in Asia and US $ 130 billion in India, as well as the liquidity management team growing cross-border structures by 180 percent YoY during the review period.
Head of ASEAN and Citi Country Officer for Singapore Amol Gupte, who ran Citi’s Treasury and Trade Solutions business in Asia Pacific from 2012 to July 2016, accepted the award on behalf of Citi at the recent awards dinner in Hong Kong. “We are honoured to be recognized by Euromoney for our excellence in transaction services,” he said. “Winning this accolade speaks to the strength, stability and continued potential of our business and our people. We will continue to leverage our global scale, deep Asia roots and country expertise, innovative solutions and product capabilities to serve our clients every day with excellence.”
Citi also won the global and Latin America awards for ‘Best Bank for Transaction Services’. For the Asia region, Citi won the ‘Best Bank in Markets’ as well as the ‘Best Investment Bank’ in India and Singapore.
Head, Treasury and Trade Solutions Sri Lanka Dilshan Seneviratne said, “We are extremely proud of this prestigious recognition and will continue to display unmatched leadership in providing transaction banking solutions to our valued customers.” The Euromoney magazine was created in 1969 to cover the re-emergence of the international cross-border capital markets. Their benchmark surveys and awards show how participants are rated by the industry and help readers find the institutions best placed to handle their business.
Their award decisions are made by a committee of senior journalists, chaired by Euromoney’s editor, following the receipt of detailed submissions from market participants and extensive year-round research into the banking and capital markets in the region by their editors, journalists and research team.