Asiamoney Best Bank Awards

With a 120-year history in Singapore, Citi can almost be considered a local bank. The US major operates in the southeast Asian city through three entities: Citibank Singapore, Citibank Singapore branch and Citicorp Investment Bank (Singapore).

Small and medium-sized enterprises are essential for economic development and job creation in most economies. But in a frontier market like Vietnam, they are even more critical, so it is important that banks cater to their needs.

Bank Syariah Indonesia, formed last year by the merger of three state-owned Islamic banks, has rapidly proved its worth in the market.

Citi is a strong corporate banking force in Vietnam. It has been there since 1994 and now has two branches – one in Hanoi, the other in Ho Chi Minh City – and about 800 staff.

When a lender’s motto is “change banking, change lives”, it attracts attention. Vietnam Technological and Commercial Joint Stock Bank, also known as Techcombank, should be taken seriously with its ambitions to become one of the top 10 banks in southeast Asia and more than triple its market capitalization to $20 billion in the next five years.

Credit Suisse’s global footprint gives it an edge when it comes to taking pole position in Vietnam’s investment banking industry. It also helps that the Swiss firm is one of the few international banks with a comprehensive frontier-market franchise, including a big focus on Vietnam.

OCBC wins the Asiamoney award for best bank for SMEs in Singapore yet again, reflecting its continuous and growing relevance in this segment, its ability to think outside the box in bringing appealing products and services to its clients, and for its unwavering commitment to its customers – no easy feat in a Covid-hit environment.

AmBank, led by chief executive Sulaiman Mohd Tahir, has been rapidly gaining ground at home.