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| Sunday, 27 October 2002 |
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| News Business Features Editorial
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Citigroup and Citibank honoured by Global Finance CITIgroup and Citibank have been honoured as the 'World's Best Internet Bank and 'World's Best Corporate and Institutional Internet Bank Global Finance for the depth and breadth of Internet offerings across all countries and regions in which it operates. The bank has leveraged its branch office network to lure customers on line - reporting strong customer and transaction growth rates in many markets and impressive cost savings from processing online transactions as the migration to the Web reaches critical mass. Citi's cash management offerings for treasury departments stood out as the bank took the prize in this category in every region. Citibank, N.A. commenced operations in Sri Lanka in December 1997 as a full service branch of Citibank, N.A. New York. It has expanded its operations and now provides banking services to individuals and the business community. The bank has introduced to the local market its latest electronic banking and payment products and systems. Citibank Sri Lanka has been closely involved in the upgrading and training of the local financial services community over the years. The Bank has been aggressively expanding its asset base and profitability in the island. Presently, the asset base exceeds US$ 150 million, and profit after tax has recorded a growth of 94 per cent over the past two years. Capital and reserves of Citibank N.A. exceed US$ 10 million in Sri Lanka. Winners were chosen among entries reviewed by a judging panel of consultants and analysts from Deloitte and Touche, IBM Global Services, KPMG Consulting, Logica, Meridian GS and Tata Infotech. The editors of Global Finance made the final selections of winners globally and in six regions, 27 countries and 10 functional categories. Winning banks were selected on strength of strategy for attracting and servicing online customers; success in getting clients to use Web offerings; growth of online customer base; breadth, quality and popularity of product offerings; evidence of tangible benefits gained from Internet initiatives; and website design and functionality. |
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