Citi Named Best Bank in China

December 27, 2010, Shanghai -- Citi has been named by the Asset magazine as the “Best Bank in Chinain 2010.

Andrew Au, CEO of Citi China, said, “We thank The Asset for its recognition of Citi’s work in China. 2010 has been a dynamic year in the long history of our firm in China. Our business here is performing strongly as we serve our growing customer base, and we look forward to achieving new milestones as we enter 2011.

Commenting on the decision to grant Citi China its award, the editors of The Asset noted, “Deploying a new growth plan in 2010, Citi is investing and expanding in China at a faster pace than ever before. Citi places top priority on supporting SME development in China, extending its services to smaller SME’s through its consumer branch network, while its global corporate bank is gaining major new mandates from Chinese corporate, including state-owned enterprises. In terms of investment banking, the strength of its franchise is demonstrated through the series of equity offerings as well as in M&A advisory assignments. Citi’s China global transaction services business has continued to grow and maintain its status as an industry leader in cash management, securities and funds services, and trade services.

In 2010, Citi opened or received approval to open in three new cities in China. Citi also deepened its presence in key cities by opening new sub branches in Shanghai, Beijing, Tianjin, and Shenzhen.

In September 2010, Citi announced it had expanded our capabilities to serve Chinese clients globally by establishing China desks in several regions including Africa, the Americas and Europe to offer Chinese clients better access to Citi’s market leading platform in over 100 countries. The desks, staffed by experienced Chinese bankers, offer clients access to Citi’s products and services across its transaction services, markets and global banking platforms, including areas such as foreign exchange, hedging, cash management, treasury services, lending, capital markets issuance and advisory services.

In 2010, Citi’s Global Banking business has helped Chinese companies raise billions of US dollars from the capital markets, and have been involved in a wide range of transactions, such the Sands China US$2.5BN Hong Kong IPO, the Longfor Properties US$1.05BN Hong Kong IPO, LDK Solar’s US$127 M ADS follow on offering, Fufeng’s RMB 1.025 B RMB denominated convertible bond, and Zheijiang Geely Holding Co’s US$1.8 BN acquisition of Volvo Cars from Ford Motor Co., among many others.

In June 2010, Citi announced the launch of a new banking service housed within its consumer branch network designed to help owners of small enterprises. The new initiative is designed to allow customers access to commercial banking services, while also taking advantage of a one-stop offering that caters to their personal banking needs via a single point of contact at Citibank a first in China. This new offering has been well received in the local market and has added an important new facet to Citi’s broad SME offering in China.

During the year, Citi China’s Consumer Banking business maintained its focus on strengthening our value propositions across all customer segments,　maintained our leadership in wealth management and led the market with the introduction of innovative products and services, including new Smart Banking branches in Shanghai and Beijing. Citibank was the first bank in China to open full service consumer outlet in Metro System, at the at the People Square subway station. We also introduced Citigold Private Client to China, designed to meet the needs of high net worth individuals with assets under management of Renminbi 8 million and above. Citigold Private Client provides a powerful platform by which Citi can serve the large and growing numbers of high net worth individuals in China.

Citi continues to introduce state-of-the-art technology to China through its centers of excellence, Citicorp Software and Technology Services and Citi Data Processing Services. Citi maintains investments in two Chinese banks, Shanghai Pudong Development Bank and Guangdong Development Bank.

“China remains one of Citi’s highest priority markets anywhere in the world, and in 2011 we remain committed to partnering closely with our clients to provide them with the best available financial products and services, as we build our business here for the long-term, Mr. Au said.