Shanghai - Citi has been named by The Asset magazine as the "Best Bank in China" in 2012.
Andrew Au, Chief Executive Officer of Citi China, said: "2012 has been a rewarding year for Citi in China. Our business performed strongly as we continued to expand our business scope and grow our customer base. China remains Citi's priority market globally, and we are deeply committed to our long-term presence here. The award also bears testimony to our strategy and its excellent execution and our talented and hard-working employees in China."
Commenting on the decision to grant Citi China the award, the editors of The Asset noted: "Citi is named as the Best Bank in China for its formidable franchise across multiple business segments, including corporate and commercial banking, consumer banking and investment banking. The period of review marked a time of unprecedented expansion for Citi in China, showing the bank's strong commitment to the market. In particular, Citi has become the first foreign bank to launch a sole-branded credit card and commercial card and formally established Citi Orient, a new securities joint-venture to tap domestic capital market business."
The Citi credit cards and commercial cards program completed Citi's existing offering to its retail customers and corporate clients, by meeting their spending needs both at home and abroad, with a range of value-added treatments and privileges. While the Citi-Orient Securities venture enables Citi to provide local capital market solutions to institutional clients, it complements the work we already do for our clients in China. Citi's network expansion continued in the past 12 months, with the number of corporate branches growing to 13 and consumer outlets to 51.
Citi offers the broadest product range of any international bank in China. On the institutional side, Citi is playing a key role in helping Chinese companies pursue their strategic goals and has helped raise billions of dollars in capital to support these needs. Citi has also expanded its capabilities to serve Chinese clients globally by establishing 'China Desks' in several regions including Africa, the Americas and Europe to offer Chinese companies that are expanding internationally better access to Citi's global network. Citi maintains a market-leading position in serving multinational companies doing business in China, and also leads the industry in the provision of integrated cash management, trade, and securities and fund services.
Citi China's consumer business is characterized by growth, innovation and service excellence. In August 2012, Citi opened its China flagship branch in Shanghai, which also features its first dedicated Citigold Private Client in China. 'Citigold Private Client' is a proposition that offers high-net-worth individuals exclusive and personalized client service with a comprehensive range of personal wealth and business banking services. Citi's introduction of its "smart banking" model aims at offering convenience and simplicity to its growing customer base in China by making use of state-of-the-art technology such as interactive touch panels and video-conferencing, and is helping redefine the retail banking experience in China.
In addition to financial services, Citi is introducing important technology and expertise to China through its centers of excellence, with Citigroup Software Technology and Services creating high value added jobs in China in the areas of technology and data processing.
Citi understands the imperative to give back to the local community, and through the support of the Citi Foundation we make significant financial contributions that support a wide range of important programs. Our initiatives are focused on those areas that enable us to leverage our financial expertise, our global network, and our local presence in China. Citi China employees are also active participants in its annual global signature volunteering activity - Citi Global Community Day. Each year, several thousands of Citi China employees and their families and friends gather together on the day to conduct community services in areas ranging from nature reservation, educating the next generation to caring for senior and under-attended groups, making a positive impact to the communities in which they live.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Citi first established an office in China on May 15, 1902, in Shanghai. In April 2007, Citi was among the first international banks to locally incorporate in China. Citi's locally incorporated entity is known as Citibank (China) Co Ltd, which is wholly owned by Citibank N.A. Today Citi is a leading international bank in China, and has 13 corporate bank branches-in Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Chengdu, Hangzhou, Dalian, Chongqing, Guiyang, Nanjing, Changsha and Wuxi-and 51 consumer bank outlets. With operations in more than 160 countries around the world, Citi is the most global of all international banks in China.