Citigroup One of the largest financial services companies in the world, the history of Citigroup in Singapore dates back to 1 July 1902, when the International Banking Corporation (IBC) was the first American bank to set up a branch on the island. This was at Prince Street, between what is now Raffles Place and Finlayson Green. The bank was at the time involved primarily in the trade financing of Malayan commodity exports. As the economic landscape changed, so did the services offered by the bank. In 1918, IBC was acquired by National City Bank of New York, which, after other name changes, was named Citibank N. A. in 1976. Citibank’s parent, Citicorp, merged with the Travelers Group in 1998 to become Citigroup.
After Prince Street, Citibank’s main premises were in Ocean Building (from 1923), Denmark House (from 1958), Maritime Building (from 1969), and the UIC Building (from 1973). It now has office premises in Millenia Tower and several other locations.
Initially focussed on the business segment, it established a consumer division in 1982. Citibank was awarded the Qualifying Full Bank (QFB) Licence in 1999, which meant that it was able to expand its branch and ATM networks, and so compete on a more equal footing with local banks. With the signing of a US- Singapore Free Trade Agreement, which came into effect on 1 January 2004, Citibank also enjoyed privileges beyond those of a regular QFB. From 1 January 2006, all restrictions on the number of branch locations and ATMs were removed; other foreign QFB banks were capped at 25 ATMs and branch locations.
Citibank became the first foreign bank to incorporate a wholly owned subsidiary in Singapore, with a paid- up capital of $1.5 billion. This put it in a position to negotiate with local banks for access to their ATM network, giving it a competitive edge over other QFBs that are not allowed to join the ATM network. Citibank had 8 branches in Singapore by the end of 2005.