Citi named Asia’s Best Bank for transaction services by Euromoney

Tuesday, 23 July 2019 01:03 - - {{hitsCtrl.values.hits}}

Citi’s Asia franchise was recently recognised as the region’s Best Bank for Transaction Services by Euromoney in its 2019 Awards for Excellence program.

Held annually, Euromoney’s Awards for Excellence program is regarded as one of the most prestigious award programs in the financial services industry.

As Asia’s Best Bank for Transaction Services, “Citi continues to grow from an already high base, achieving a 10% jump in year-on-year Asia Pacific TTS revenues to $ 2.17 billion in 2018, and a 15% climb in income,” Euromoney said.

The publication noted the business’ digital shift, citing growth in TTS’ digital client segment, focus on innovation internally as well as through client co-creation and fintech partnerships, and the launch of new digital and leading capabilities.

“Citi has always been among the leading contenders, but it impressed in our review period for a willingness to disrupt. It launched a new ecosystem origination strategy, allowing it to connect the dots between its customers and their broader commercial periphery and to position itself accordingly,” the publication added.

In addition to Best Bank for Transaction Services, Citi’s franchise in the region was also named Asia’s Best Digital Bank. The award recognised the digital progress the bank has made across the Global Consumer Banking business and Institutional Clients Group, including Treasury and Trade Solutions. Commenting on the wins, Asia Pacific Head of Treasury and Trade Solutions Rajesh Mehta, said, “We aspire to be the financial ecosystem for the digital economy and digitisation is key to making this possible. We are honoured to be named Best Bank for Transaction Services in Asia, recognising the innovative solutions and digital capabilities we continue to offer our clients to enable their business models and make a difference in the way that they engage their end consumers.”

Citi’s regional Euromoney wins come after the recent announcement of the bank’s second quarter results on 15 July. Citi Asia Pacific reported a 4% year-on-year increase in revenue to $ 4 billion, contributing to around 20% of Citi’s global revenue. Net income over the same period grew 17% year-on-year to $ 1.25 billion.

The Consumer business in Asia Pacific (which covers 12 markets in Asia and 5 in EMEA) saw a 3% growth in revenue to $ 1.9 billion and the Institutional Clients Group grew revenue by 6% to $ 2.09 billion.

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