Citigroup eyes Singapore bank

Citigroup eyes Singapore bank

SINGAPORE: U.S. financial services giant Citigroup is eager to
acquire a Singapore bank to consolidate its already strong
position in the city-state, an executive said in remarks
published Wednesday.

Country officer for Singapore Sunil Sreenivasan said Citigroup
"would be very interested" if authorities lift curbs on foreign
banks taking controlling stakes in local players.

He said the Monetary Authority of Singapore (MAS), the de
facto central bank, could remove the rules in barring foreign
takeovers in three to five years.

Citigroup has a huge presence in the city-state with nearly
5,000 employees and its expansion plans received a big boost
after being awarded a Qualifying Full Bank license last year.

Some of the privileges that come with this license include
allowing a foreign bank to operate more automated teller machines
and open more branches.

Despite the city-state's small size compared to other regional
economies, Sreenivasan said Citigroup wants to become a "truly
embedded bank" here.

Of the 80 emerging markets where Citigroup is operating in,
Singapore ranks among the top 10 in terms of profitability,
Sreenivasan said.--AFP