Euromoney notes bank's innovation and ideas in presenting award at 25th holding of Awards for Excellence program.
Citi announced on August 16 that it was named “Best Bank for Transaction Services” in Asia by Euromoney magazine in the 25th edition of its Awards for Excellence program.
In the citation for the award, Euromoney commended Citi for its “enthusiastic tide of innovation and ideas.” It singled out the Treasury and Trade Solutions’ innovation lab in Singapore for demonstrating that “its brainy ideas can hit critical mass” and pointed 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 ten of margin growth,” it wrote.
Other achievements highlighted by Euromoney include the CitiDirect BE mobile solution, which saw $425 billion in 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.
Mr. 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 last July, accepted the award on behalf of Citi at the awards dinner held in Hong Kong.
“We are honored 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”. In Asia it 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 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.