Citi named Best Bank for Transaction Services in Asia by Euromoney

Citi was lauded by Euromoney for its “enthusiastic tide of innovation and ideas”, taking Citi’s Treasury and Trade Solutions’ innovation lab in Singapore to demonstrate that “its brainy ideas can hit critical mass” and pointing 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 revenue growth, and 10 of margin growth.”

Some of the other achievements highlighted by Euromoney include the Citi Direct BE mobile solution, which saw $425 billion transactions in Asia, as well as the liquidity management team growing cross-border structures by 180 per cent year-on-year during the review period.

Amol Gupte, head of ASEAN and Citi Country Officer for Singapore, 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.

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.