Citi (NYSE:C) was feted as “Bank of the Year” in the prestigious annual awards competition conducted by The Banker, a London-based international banking and finance magazine founded in 1926.
The Banker cited the progress made in reinventing Citi. “Citi has…carved out a credible and winning strategy for the future,” said The Banker. “The clinching factor was the view that Citi is now well advanced on a long-term growth trajectory.”
The Banker cited three key elements of Citi’s strategy – globalization, urbanisation and digitization. Citi’s historic presence in many emerging countries and in 80% of the world’s 150 key cities provides the bank a “head start” on the competition, The Banker said. Also, Citi has emerged as a leader in the digital revolution, delivering smart banking to consumers and state-of-the-art platforms to wholesale customers, the magazine added.
“We are pleased that The Banker has recognised the hard work of our colleagues around the world to build a strong company and serve our clients with excuestellence,” said Citi CEO Mike Corbat. “Looking forward, execution of our strategy with discipline remains our top priority. We have a unique global network that can’t easily be replicated, especially in faster-growing markets. We’ll be investing in key markets and continuing to optimise in others. We’ll also work hard to streamline and rationalise our processes, products and systems to create a simpler, smoother experience for our clients and customers. Much like this year, I am sure 2014 will bring new challenges. But we are up to them.”
Citi was also named “Bank of the Year” in the Americas and in the United States by The Banker’s panel of industry experts who judge the competition.
Naveed Sultan, Citi’s global head of Treasury & Trade Solutions, collected the top award at a dinner in London. “This award is the recognition of the journey Citi has embarked upon since the financial and economic crisis,” Sultan said to the audience. “We have been focused on fundamentally transforming our company – business model, operating model, capital structure and risk management approach. We believe that we have made significant progress in each of these areas, but it is a journey and we are focused on staying the course and continuing to improve the way we serve our clients.”
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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