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| Best Transaction Banking House: Citi |
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| Also nominated: HSBC and JPMorgan |
Cash management and transaction services may not be seen as the jewel in the crown nor even part of the crown of many global banking franchises.
For bank chief executives and shareholders looking for stable and lucrative returns in such a challenging operating environment this prosaic but very important business is a jewel that shines bright, and for one bank in particular – Citi.
Citi Transaction Services, a core part of the US bank’s institutional client group, has gone from strength to strength in the past year, enhancing an already leading franchise globally by consistently delivering innovative and valuable solutions to clients.
It is a performance that has, once again, returned an excellent set of results.
Revenues grew to $10.6 billion in 2011 versus $10.1 billion in 2010; in the first quarter of this year revenues hit a record $2.7 billion – up 7% year on year, with growth of between 5% and 8% in North America, Europe, the Middle East and Africa, Latin America and Asia.