Citibank International Personal Bank Singapore

Citibank International Personal Bank Singapore
Private
Industry Financial Services, Banking
Founded 1983
Headquarters Singapore, Singapore
Key people
 Shyam Sambamurthy, Global Head
Products Loans, Insurance, Bonds, Wealth Management
Parent Citibank Singapore
Website https://www.ipb.citibank.com.sg
Asia Square, Singapore

Citibank International Personal Bank (IPB) Singapore is a bank based in Singapore, specializing in offshore investment and wealth management products and services to high net-worth individuals residing outside of Singapore. Citibank IPB Singapore operates as a division of Citibank Singapore Limited.

Global Business

Citibank IPB has 5 booking centers around the world - London, Jersey, Singapore, Hong Kong and the United States. The IPB global franchise has a base of about 260,000 clients and manages assets of more than US$60 billion.[1]

Leadership

In October 2015, Citibank appointed C R Sambamurthy as the first global head for its International Personal Bank business, a role based out of Singapore. Prior to this appointment, he was Business Manager of IPB Singapore, a role he had held since 2009. Sambamurthy reports to Anand Selvakesari, the head of consumer banking for Asia Pacific and Gonzalo Luchetti, the global head of wealth management and the Asia retail bank head.[2]

History

Citibank is one of the earliest financial institutions in Singapore that is still in operation today.

1902 – The International Banking Corporation becomes the first American bank to open a branch in Singapore. Located at 1 Prince Street, the Singapore branch focused on financing the exports of tin and rubber from the Malayan hinterland.[3]

1983 – Citi's International Personal Bank (IPB) Singapore was established to meet the offshore banking needs of affluent individuals who reside outside of Singapore.[4]

1999 – Citibank was among the first four foreign banks to be awarded the Qualifying Full Bank (QFB) license by the Monetary Authority of Singapore (MAS) in 1999.[5]

2004 – Citibank incorporates the consumer banking business locally, forming Citibank Singapore Limited (CSL), a wholly owned subsidiary of Citi, with a paid-up capital of S$1.5 billion. The QFB license is transferred to the new, locally-incorporated entity.[6]

2015 – Citibank Singapore Limited listed by Monetary Authority of Singapore in April 2015 as one of the Domestic Systemically Important banks (DSIBs) in Singapore.[7]

Products and services

Citibank IPB Singapore offers a range of banking and investment products and services such as deposit accounts, loans, insurance, bonds and investment funds. Their digital services include desktop and mobile banking, also known as Citibank Online and Citi Mobile respectively.

In 2016, Citibank launched Total Wealth Advisor (TWA), a goal-based planning tool that tracks and monitors the performance by the success of investments in meeting a client’s personal goals. At the point of launch, TWA was reported to be the only holistic platform in the market.[8]

"Citigold" offers a premium set of wealth management services to customers with investible assets of at least USD 200,000 (or equivalent).[9] "Citigold Private Client" is intended for high net worth clients with investible assets above USD1 million or more (or equivalent).[10] Citigold Private Client wealth management services include the provision of a dedicated senior Relationship Manager, financial planning and lifestyle privileges.

Awards and Recognition

2017

  • International Retail Bank of the Year – Asian Banking and Financial Retail Banking Awards 2017[11]
  • World’s Best Digital Bank and Best Bank – Euromoney Awards Excellence 2017[12]
  • Best Retail Mobile Banking Experience – Triple A Asian Awards 2017[13]

2015

  • WealthBriefingAsia Singapore Awards 2015 – Best Ultra High Net Worth Team, Best Private Bank in South East Asia[14]

References

  1. ↑ "Citi appoints first global head for its IPB business". 13 October 2015. Retrieved 29 June 2018.
  2. ↑ "Citi appoints C.R. 'Shyam' Sambamurthy as global head of International Personal Bank". 13 October 2015. Retrieved 29 June 2018.
  3. ↑ "Citibank". Retrieved 29 June 2018.
  4. ↑ "Citi Appoints 27-Year Veteran As Global Head Of International Personal Bank". 14 October 2015. Retrieved 29 June 2018.
  5. ↑ "MAS Announces Results of Foreign Bank Applications Four Foreign Banks named Qualifying Full Banks". Retrieved 29 June 2018.
  6. ↑ "BANKING ACT".
  7. ↑ "Seven banks here deemed 'systemically important'". 1 May 2015. Retrieved 29 June 2018.
  8. ↑ "TOTAL WEALTH ADVISER (TWA) BY CITIBANK SINGAPORE". 28 August 2016. Retrieved 29 June 2018.
  9. ↑ "Banks looking to attract millennials into premium services". 2 October 2015. Retrieved 29 June 2018.
  10. ↑ "Citi Goes After Next Generation" (14 September 2017). Retrieved 29 June 2018.
  11. ↑ "Asian Banking and Finance Awards 2017 recognises record number of winners". 14 July 2017. Retrieved 29 June 2018.
  12. ↑ "Awards for Excellence 2017". Euromoney. Retrieved 29 June 2018.
  13. ↑ "Citi Hong Kong named "Digital Bank of the Year" by the Asset Magazine". 15 February 2018. Retrieved 29 June 2018.
  14. ↑ "EXCLUSIVE: Winners Of The WealthBriefingAsia Singapore Awards 2015". WeatlhBriefingAsia. Retrieved 29 June 2018.
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