Citi has been named the "Best Bank in Singapore 2007", becoming the first foreign bank to win the covted title given by Euromoney, a leading financial magazine.

The US bank has thus broken the record run of local DBS Bank, which had won the award for the past six years running.

It has also retained the "Best Bank in Asia" award for the eighth straight year given by Euromoney.

This makes Citi the top bank in Singapore and Asia in Euromoney's annual awards for excellence among global banks in 2007.

Although Euromoney's ?Best Bank? awards usually go to domestic banks in each country and territory, Citi secured the top award for Singapore this year for its clear focus on expansion and constant product innovation to reach out and serve more people in the country.

In considering Citi for the ?Best Bank in Singapore? award, Euromoney assessed Citi's undisputed leadership in corporate and investment banking; strong franchise value; enhancement in its distribution network; overall performance of the consumer banking unit; leadership in product innovation; and capabilities in marketing.

According to Euromoney editors, a key factor for tipping the award in favour of Citi was its expanded consumer banking presence in Singapore. Combined with its strong markets and banking position, the consumer presence has grown from five branches in 2005, to nine branches, adding on a total of 500 touch-points by the end of 2006.

With its partnership with SMRT Corporation, the Bank will add another 10 branches and 51 self-service instant banking centres within the MRT stations by end of 2007.

Euromoney noted that Citi remains a powerful force in Singapore's investment banking and capital markets, corporate banking and treasury and transaction services.

"We are delighted to be recognised by this award. This is a strong endorsement of the quality of our people, banking operations and customer value proposition, as well as an endorsement of our efforts to continuously advance our offerings in product innovation and client service," said Mrs Catherine Weir, Chairman, Citibank Singapore Ltd, Citi Country Officer and Asean Head, Markets & Banking

Mr Jonathan Larsen, Country Business Manager and Chief Executive Officer, Citibank Singapore Ltd, added: "Being recognised as the Best Bank in Singapore is a strong affirmation of our commitment to delivering the best products and services, that are relevant to our customers? needs.

"We will continue to leverage on the expansion of our network, to invest in our business to enhance the breadth of our services and introduce more product innovations, to meet customers? rising expectations."

The awards are part of Euromoney Awards For Excellence 2007, which define banking excellence in global categories and across 110 countries. The annual awards set the standards for banking and capital market excellence amongst the top ranking financial institutions around the world.

Citi, a leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management.