Citibank gets award

JAKARTA (JP): Citibank was named best foreign commercial bank in Indonesia by Finance Asia magazine in its 1999 Country Achievement Awards.

"Citibank used the past year to embed itself for long-term growth in the world's fourth largest country. It is now the bank for nearly 70 percent of all multinational companies in Indonesia," the magazine said.

Citibank was named best foreign commercial bank in eight countries: Hong Kong, India, the Philippines, Taiwan, Thailand, Singapore, Malaysia and Indonesia.

The awards were based on a poll of over 1,000 leading companies operating in 11 countries in Asia, plus a panel consisting of financial journalists.

Citibank currently has four branch offices in Jakarta and one each in Surabaya and Bandung.

Citibank, which began operations in Indonesia in 1968, has 60 percent of its Indonesia business portfolio in retail banking, while the remaining 40 percent is in corporate banking. (udi)