Citigroup opens new Singapore facility

21 July 2009

Citigroup has opened a new facility in Singapore as part of its efforts to consolidate its operations and technology (O&T) sites on the island.

The 200,000 square foot facility is located at Changi Business Park and is the first stage in the bank's $220 million plan to increase the efficiency of its Singapore operations.

According to the Straits Times, around 2,000 of Citi's 8,000 staff in the city-state have been relocated to the new facility, which houses its 22nd retail banking branch.

Processing centres for Citi's global wealth management business are housed at the new facility, which also provides support for the bank's global network of data service centres.

Lui Tuck Yew, acting minister for information, communications and the arts, told the news source that it is "heartening" to see firms like Citi remaining "committed" to Singapore, despite the current economic climate.

Earlier this year, the bank made a number of changes to its IT systems, a move that will save it over $1 billion in 2009.

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