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SINGAPORE: Citibank will open more retail branches in Singapore as its retail banking business in Asia continues to grow.
US global lender Citi said its businesses in Asia are going strong despite being hit by the financial crisis.
On Friday, Citi's parent company in the US reported that loan losses surged again in the second quarter although it booked a net income US$4.28 billion, compared with a year-earlier loss of US$2.50 billion, boosted by gains from selling most of its Smith Barney brokerage.
Jonathan Larsen, country head & Citi country officer, Citi Singapore, said: "Asia, and Singapore have actually performed extremely well during this very challenging environment. In fact, in Singapore and in Southeast Asia Pacific, we're actually showing strong growth year-on-year. And no where is that more evident than in our retail business."
Citi Singapore, which started out with just four branches in 2005, now has 22 branches in Singapore. It plans to open more branches in Yishun, Woodlands, Seng Kang and Sembawang.
Citi Singapore said it also sees new growth areas in its corporate banking business, particularly in the small and medium-sized enterprises loans market.
Mr Larsen added: "It's a strategic growth segment for us. We've been growing in revenue terms, in the range of 20 to 30 per cent, over the last five years."
Citi is also consolidating its global operations and technology functions in Singapore with the opening of its new hub at Changi Business Park. Citi said Singapore remains an important and strategic hub for its global operations.
Andrew Butcher, regional head, Operations & Technology, Citi Asia Pacific, said: "It's a combination of the available skills from the employee base, the appropriate match of price point with those skills. And of course, the superb infrastructure, which is critically important to us when running these mission critical services supporting businesses around the world."
2,000 of Citi's 8,000 employees in Singapore are currently based in Changi Business Park. The new 200,000 square foot building will house a number of Citi's global processing centres. These include wealth management, transaction and infrastructure support services for more than 40 countries.
Citi's new building also incorporates environmental as well as energy-saving features. This is part of its global pledge to reduce greenhouse emissions by 10 percent by 2011.
In May this year, the building received the Platinum Green Mark Certification, which is Singapore's highest environmental honours by the Building and Construction Authority. - CNA/vm
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