CITIBANK has been named best bank in Singapore and Asia by leading finance magazine Euromoney.

Despite floundering in the United States with multi-billion-dollar losses, Citi's arm here was 'cementing its position as a head-on competitor to Singapore's domestic banks', said Euromoney in its awards citation.

Euromoney praised the bank's significant progress in retail. Tie-ups such as those with SMRT and Exxon Mobil service stations have allowed it to expand its presence rapidly and made it 'as recognisable locally as many Singaporean institutions'.

It has also emerged as the credit card market leader, with one in two eligible cardholders in Singapore holding a Citibank credit card.

With a staff base of over 8,000, it also employs more than any other bank in Singapore, noted Euromoney.

Citi Singapore country head Jonathan Larsen said: 'We will continue to invest in our Singapore franchise and grow our market share in consumer banking, corporate and investment banking, treasury and transaction services.'

DBS Bank picked up an award for best debt house in Singapore because of the 'strength and depth of its franchise across bonds and syndicated lending'. JP Morgan was named Singapore's top equity house and Credit Suisse was the Republic's best merger and acquisition house.

This article was first published in The Straits Times.