Citibank (Hong Kong)

Citibank Plaza, Hong Kong

History

Citibank began operations in Hong Kong in 1902, thus becoming the first foreign bank to offer its services there. Citibank (Hong Kong) Limited is a licensed bank incorporated in Hong Kong. It is traded with the Chinese trading name 花旗銀行 (formerly 萬國寶通銀行). An office tower, the Citibank Plaza, in Garden Road, Central, Hong Kong is named after the bank.

Company Profile

Citibank Hong Kong has a network of 25 branches spread over Hong Kong Island, Kowloon, New Territories and Macau .

Awards

• 2008: Awarded Deal of the Year; Project Finance Deal of the Year by 2008 ALB Hong Kong Law Awards^[1] • 2008: Awarded Best Flexible Work Practices by the Hong Kong HR Awards
• 2008: SME’s Best Partner Award
• 2008: Asian Banker Achievement Awards
• 2007: Supreme Service Award
• 2007: Best Practice Awards
• 2007: Best Bank in Wealth Management Award
• 2007: awarded the Best Foreign Bank by FinanceAsia
• 2007: awarded the Best Foreign Cash Management Bank by Asiamoney
• 2007: awarded the Overall Best Global Private Bank by Asiamoney magazine for the 3rd time
• 2007: recognized as the Best Equity House by Euromoney
• 2007: awarded the Excellence in Wealth Management Award by Asian Banker
• 2007: awarded the Best Wealth Management Bank (Citigold) by Capital Magazine.
• 2004: Selected Most Preferred Bank by Asia’s Top 1,000 Brand Listing.^{[citation needed]}

Product Lines and Services

As part of the world's largest financial institution with a network in over 100 countries, Citibank International Personal Banking allows people abroad to hold bank accounts in Hong Kong without setting foot in the country.

Like all other banks, Citibank Hong Kong offers various types of bank accounts options, investment products, loans and credit cards to its clients .

Mobile Financial Services

Through partnership with SK Telecom, Citibank has established Mobile Money Ventures to sell mobile financial services applications.^[2] Mobile banking services were launched in Hong Kong in November 2008. The network- and device-independent mobile services platform supports diverse handsets; the platform is also available with customizable features like mobile stock trading. Customers of Citibank Hong Kong now have access to services such as account inquiry and management, transfer and payments, time deposits, stock trading, pending order management, stock quotation and portfolio management through their mobile phones.2

The Octopus Credit Card

In July 2008, Citi launched a combined ‘contactless’ Octopus travel and credit card in Hong Kong. With over 50,000 terminals operational, customers can use their Octopus cards to travel on public transportation, as well as make low-value contactless payments at participating retail outlets. The Octopus Rewards Scheme enables users to collect and spend points earned from participating merchants. Users can also avail of cash rebates by spending on their Octopus cards; the rebates are credited for further usage.^{[citation needed]}

Similar partnerships have been forged with the Mass Rapid Transit Systems (MRT) in Delhi and Singapore, and the New York City Metropolitan Transport Authority

Divisions

Citibank’s parent company, Citigroup, has three main divisions in Hong Kong: Citi Markets & Banking, Global Consumer Group and Global Wealth Management.

The Global Consumer Group operates under the Citibank brand and its financial products and services are offered through 25 branches, one of which is in Macau. Additionally, Citibank Hong Kong provides investment options in the form of bonds, mutual funds, insurance products, foreign currency trading and stock trading. Through Citigold Wealth Management Banking, clients get a customized plan on wealth management. Citibank Hong Kong is also one of the largest issuers of credit cards in Hong Kong.

Sponsorship and Corporate Social Responsibilities

As part of CSR, Citi Hong Kong’s is engaged in environmental conservation and financial education. It is also engaged in a variety of community activities and makes grants, business donations and encourages employee volunteering. Since 2003, Citi Hong Kong has donated more than HK$58.5 million (US$7.5 million) to support over 100 community programs, and has been recognized by the Hong Kong Council of Social Service as a “5 Years Plus” Caring Company.^{[citation needed]}

With few people having received any formal education about personal finance, Citi Hong Kong, has over the years played a lead role in developing programs for primary, secondary, university and post-graduate students. Since 2003, more than 260,000 students have benefited from Citi’s financial education programs. Additionally it is also involved in implementing financial education programs targeted at youth and low-income families in partnership with non-governmental organizations .^{[citation needed]}

References

1. ^ www.legalbusinessonline.com.au
2. ^ Mobile Banking

http://www.banking-business-review.com/article_news.asp?guid=297AAFD8-5793-412C-A054-5722E188DCE0
http://www.financialexpress.com/news/Citi-launches-forex-margin-platform-in-Hong-Kong/359203/
http://www.finextra.com/fullstory.asp?id=18744
http://www.careertimes.com.hk/english/article/show_article.asp?filename=CBFCB_0903200702.asp&type=BF&subtype=CB&page=1&browser=netscape
http://www.citigroup.com/citi/global/hkg.htm

See also

• List of banks in Hong Kong
• Citibank

External links

• Citibank Hong Kong