Citibank (Hong Kong)
Encyclopedia
History
Citibank began operations in Hong Kong in 1902, thus becoming the first foreign bankBank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
to offer its services there. Citibank (Hong Kong) Limited is a licensed bank incorporated in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. 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
Citibank Plaza
Citibank Plaza is a modern glass and steel office complex in Hong Kong that comprises Citibank Tower, ICBC Tower, a 3 level basement garage capable of accommodating 558 vehicles, as well as a retail podium. With a gross floor area of almost ., Citibank Plaza is one of the biggest office complexes...
, in Garden Road
Garden Road, Hong Kong
Garden Road is a major road on Hong Kong Island, Hong Kong, connecting the Central and Mid-levels areas.At its lower end, Garden Road forms a grade-separated intersection with Queensway. For most of its length, Garden Road carries traffic only in the downhill direction. Uphill traffic is carried...
, Central
Central, Hong Kong
Central is the central business district of Hong Kong. It is located in Central and Western District, on the north shore of Hong Kong Island, across Victoria Harbour from Tsim Sha Tsui, the southernmost point of Kowloon Peninsula...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
is named after the bank.
Company Profile
Citibank Hong Kong has a network of 25 branches spread over Hong Kong IslandHong Kong Island
Hong Kong Island is an island in the southern part of the Hong Kong Special Administrative Region. It has a population of 1,289,500 and its population density is 16,390/km², as of 2008...
, 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• 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
Cash management
In United States banking, cash management, or treasury management, is a marketing term for certain services offered primarily to larger business customers...
Bank by Asiamoney
• 2007: awarded the Overall Best Global Private Bank
Private bank
Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...
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.
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 TelecomSK Telecom
SK Telecom Co., Ltd. or Sunkyoung Telecom is a South Korean wireless telecommunications operator, controlled by the SK Group, one of the country's largest chaebol. As a part of SK Group, SK stands for Sun Kyung.SK Telecom is a provider of mobile service in Korea, with 50.5% of the market share as...
, Citibank has established Mobile Money Ventures to sell mobile financial services applications. Mobile banking
Mobile Banking
Mobile banking is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant . The earliest mobile banking services were offered over SMS...
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
Investment management
Investment management is the professional management of various securities and assets in order to meet specified investment goals for the benefit of the investors...
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 cardOctopus card
The Octopus card is a rechargeable contactless stored value smart card used to transfer electronic payments in online or offline systems in Hong Kong...
s 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.
Similar partnerships have been forged with the Mass Rapid Transit
Rapid transit
A rapid transit, underground, subway, elevated railway, metro or metropolitan railway system is an electric passenger railway in an urban area with a high capacity and frequency, and grade separation from other traffic. Rapid transit systems are typically located either in underground tunnels or on...
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 ManagementWealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...
.
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 fund
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
s, insurance products, foreign currency trading and stock trading
Stock trader
A stock trader or a stock investor is an individual or firm who buys and sells stocks in the financial markets. Many stock traders will trade bonds as well...
. 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 conservationConservation movement
The conservation movement, also known as nature conservation, is a political, environmental and a social movement that seeks to protect natural resources including animal, fungus and plant species as well as their habitat for the future....
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
The Hong Kong Council of Social Service
The Hong Kong Council of Social Service is a council coordinating NGOs in the social service field in Hong Kong, established in 1947...
as a “5 Years Plus” Caring Company.
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 organization
Non-governmental organization
A non-governmental organization is a legally constituted organization created by natural or legal persons that operates independently from any government. The term originated from the United Nations , and is normally used to refer to organizations that do not form part of the government and are...
s .