| Citibank: the one true pan-Asian bank | ||||||
Best bank: Citigroup
Best equities house: UBS Warburg
Best debt house: Citigroup/Salomon Smith Barney
Best M&A house: Merrill Lynch
Best at risk management and treasury: HSBC
Best in cash management: Citibank
Best in custody: Citibank
Citigroup wins the region's best bank award for the third successive year. It is the one true pan-Asian bank with operations in 14 markets across the region. While other banks struggled in the tough operating environment, Citibank had its best ever year in some markets. In Malaysia's slowing and heavily regulated market it reported pre-tax profits 34.3% higher than the previous year. This was more than any other foreign competitor. In Taiwan pre-tax earnings soared by 102% to US$255 million. It is now the fifth most profitable among all financial institutions on the island. Citigroup's ability to attract new business continued as it rolled out innovative products for its retail and wholesale clients.