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