CITIGROUP took the wraps off a new $100 million global operations and technology (O&T) hub here yesterday.
The 200,000 sq ft purpose-built facility at the Changi Business Park marks the completion of the first phase of a $220 million plan to centralise Citi’s global O&T units in Singapore.
Acting Minister for Information, Communications and the Arts Lui Tuck Yew, who officially opened the site, -said it allowed Citi to consolidate operations under one roof, resulting in greater synergy and propelling long-term business growth. ‘It is heartening to note that in the midst of the current economic situation, global companies like Citi remain committed to Singapore,’ he said.
The site – which also houses Citi’s 22nd and newest retail banking branch – is now home to 2,000 of its 8,000 staff in Singapore. Most are moving over from older O&T sites in nearby Tampines.
Industry watchers believe Citi’s latest investment in Singapore reaffirms the Republic’s position as a magnet for international financial institutions.
Citi Singapore country head Jonathan Larsen said the building represents a strategic investment in Singapore for Citi.
‘It reinforces Singapore’s role as Citi’s strategic hub for regional management, marketing, operations and technology globally,’ he said.
Mr Larsen’s comments comes a week after Citi surprised Wall Street with second-quarter profits of US$4.3 billion (S$6.25 billion). The bank – named Singapore’s best bank in the Euromoney Awards for Excellence 2009 last week – has been steadily increasing its presence in Singapore, especially in the retail banking space, since 2005.
Mr Larsen disclosed that the bank is working with local transport operator SMRT to expand its local network, especially into the heartland.
‘We plan to set up branches in the north of Singapore, in areas such as Yishun, Sembawang and Sengkang,’ he said.
The Changi hub acts as the new site for Citi’s major processing centres, including its regional service centre for securities and funds administration plus its regional cash processing management unit. It is also the bank’s global processing centre for its wealth management business and transaction services operations, and provides technology infrastructure support and data centre services for Citi’s worldwide operations.
The Changi hub acts as the new site for Citi’s major processing centres, including its regional service centre for securities and funds administration plus its regional cash processing management unit.
Source : Straits Times – 21 Jul 2009
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