Citibank@Damansara Perdana Reaches More Malaysian Customers

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Citigroup Inc. (NYSE: C)
January 05, 2007
 
Citibank@Damansara Perdana Reaches More Malaysian Customers
 
Citibank to Offer More Customer-Focused Products & Services

Kuala Lumpur – Citibank Berhad is set to capitalize on its seven-branch network and further strengthen its position in the banking sphere with the launch of its newest branch, Citibank@Damansara Perdana.
 
Citibank@Damansara Perdana marks the opening of Citibank’s seventh branch, the last of the four branches authorized by Bank Negara in 2006.
 
“We are pleased to have seven branches now, but we hope we can increase our network progressively. Our basic strategy is to be an embedded player with eight to nine% market share, and have the ability to do business in virtually all parts of the country. In view of the intensifying competition as well as the growth potential the banking industry offers, we are constantly considering creative avenues to widen our footprint in Malaysia. We would also like to provide off-site ATM presence in addition to being part of the ATM network as this will help contribute positively to our expansion strategy,” said Piyush Gupta, Citigroup Country Officer and Chief Executive Officer of Citibank.
 
He said Malaysians have shown a lot of interest in foreign investment opportunities with the liberalization of foreign administration last year. As such, Citibank plans to increase efforts to provide more products maximizing on its ability to tap its global network, cutting edge financial expertise and worldwide research resources.
 
“Our branch in Damansara Perdana caters to a large cross section of the community – businesses and households with varying banking and financial needs. This is the model demographics of a segment of Citibank’s customers. We intend to provide them with wealth management services and gradually grow this segment. Being a global financial institution, we have a clear competitive advantage because we are in a position to leverage on our global strengths, strong business positioning, unrivalled scale and efficiency, powerful branding and the broadest product offering for the benefit of our customers in Malaysia,” said Piyush Gupta.
 
He also said that being big and ubiquitous is not the end-all. Providing quality customer service is more pertinent as maintaining service quality is the key factor that will differentiate financial institutions in the increasingly competitive local banking landscape.
 
Citibank will also use its wider distribution network to offer more personal, face-to-face services for all aspects of its business, both corporate and consumer banking.
 
“Even though we’ve had very few branches in Malaysia, we’ve managed to stay ahead of the competition by reinventing ourselves continuously, crafting products that are suitable for the Malaysian consumer and delivering better services,” added Piyush Gupta.
 
Citibank currently offers a comprehensive menu of products and services including personal loans, mortgages, credit card services, online bill payment services; wealth management; Islamic banking; financial counsel and advisory services; CitiBusiness for small and medium sized enterprises (SMEs) and CitiGold for high net-worth individuals.
 
Citibank’s Damansara Perdana branch is 7,746 sqare feet with staff strength of more than 30. It will provide night banking services from 6.30pm to 8.30pm, besides the normal operations hours from 9.30am to 4pm, Monday to Friday. It will also be open every Saturday from 9.30am to 12 noon except on public holidays.
 
Commenting on the banking outlook for 2007, Gupta said: “The current outlook for 2007 looks very good as consumer credit growth has been healthy though we do expect that margins will continue to come under pressure with the absence of any further rate hikes. We also expect to see more exciting events unfold in the Islamic banking sector as we have strong economic fundamentals as well as a vibrant and successful Islamic capital market.”
 
Citibank is one of the largest financial services organizations in the world. In Malaysia, the bank has a 20% market share for credit card spend, boasting a 13 to 15% share of the foreign exchange market and capturing a sizeable share of the cash management market.
 
 
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