Citigroup, the third largest bank in the US based on value of assets, has said that it will stage its next board of directors meeting in Singapore for the first time since 2011.

The bank said that the move is a show of commitment to the city state, with the meeting to be held next week.

In addition to the core board meeting, Citi’s board and executive management team will meet with clients, staff and regulators during their visit to Singapore.

In a statement, Tibor Pandi, Singapore Citi country officer, said: "The selection of Singapore for this year's board meeting signals Citi's intent to invest and grow our business here for years to come.”

Singapore has emerged as one of Citi’s most prominent markets, with the company employing around 8,500 staff there. The city-state also is home to one of four wealth hubs operated by the bank.

The city-state has become an attractive market for investors across Asia as a result of its relative political stability and low taxes, along with fund-friendly policies.

Elsewhere, Citi earlier this week announced an agreement to sell off its onshore consumer wealth portfolio in China to HSBC Bank China. The transaction includes total deposits and investment assets under management (AUMs) of approximately US$3.6 billion. Terms of the deal were not disclosed, with Citi stating that it is expected to close in the first half of 2024.

The deal does not include Citi's institutional business in China, with the bank adding that it wil continue to serve the needs of affluent to ultra-high net worth Chinese individuals via wealth hubs in Singapore and Hong Kong.

Share Story: