Citi has opened a global operations and technology hub in Singapore that houses 2000 staff supporting various bank businesses across 40 countries. The opening marks the completion of the first stage of Citi’s US$220m plan to centralise global operations and technology units in Singapore. The second phase is ‘in progress’, says the bank.
The building hosts a number of Citi’s major processing hubs, including the regional service centre for securities and funds administration and regional cash processing management unit. In addition, it also houses global processing centres for wealth management, transaction services operations, technology infrastructure support and data centre services for multiple Citi businesses in Asia-Pacific and globally.
Citi says it has strived to make the building green, with low-emission glazing on its façade, intelligent energy management and green roof systems for solar and thermal insulation. These measures will help reduce the building’s energy consumption by up to 33% and also ensure an uninterruptible power supply, critical to round-the-clock operations.
Andrew Butcher, regional head, operations and technology, Citi Asia-Pacific, said: “This built-to-suit building accommodates the advanced and robust systems and security necessary for us to consolidate our operations and technology functions under one roof. It will deliver greater synergies and efficiency for us to meet both the clients’ and our own operational needs.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.