Citigroup eyes Singapore bank<\/p>\n
SINGAPORE: U.S. financial services giant Citigroup is eager to
\nacquire a Singapore bank to consolidate its already strong
\nposition in the city-state, an executive said in remarks
\npublished Wednesday.<\/p>\n
Country officer for Singapore Sunil Sreenivasan said Citigroup
\n\"would be very interested\" if authorities lift curbs on foreign
\nbanks taking controlling stakes in local players.<\/p>\n
He said the Monetary Authority of Singapore (MAS), the de
\nfacto central bank, could remove the rules in barring foreign
\ntakeovers in three to five years.<\/p>\n
Citigroup has a huge presence in the city-state with nearly
\n5,000 employees and its expansion plans received a big boost
\nafter being awarded a Qualifying Full Bank license last year.<\/p>\n
Some of the privileges that come with this license include
\nallowing a foreign bank to operate more automated teller machines
\nand open more branches.<\/p>\n
Despite the city-state's small size compared to other regional
\neconomies, Sreenivasan said Citigroup wants to become a \"truly
\nembedded bank\" here.<\/p>\n
Of the 80 emerging markets where Citigroup is operating in,
\nSingapore ranks among the top 10 in terms of profitability,
\nSreenivasan said.--AFP<\/p>",
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