Citigroup’s board to meet in Singapore for the first time since 2011

SINGAPORE (Reuters) – Citigroup Inc said on Thursday that its board of directors will meet in Singapore for the first time since 2011 as a show of commitment to the city state.

The meeting will be held next week, and Citi’s board and executive management team will meet with clients, staff and regulators during their visit to the Asian financial hub, the bank said in a statement.

“The selection of Singapore for this year’s board meeting signals Citi’s intent to invest and grow our business here for years to come,” said Tibor Pandi, Singapore Citi country officer.

Singapore has been one of Citi’s largest markets globally and is home to one of the bank’s four wealth hubs, with staff amounting to some 8,500 in the city-state.

The meeting comes at a time where Singapore has been experiencing a sharp jump in wealth inflows from China, Hong Kong and elsewhere, drawn by its relative political stability, low taxes, and policies favourable for setting up funds.

(Reporting by Yantoultra Ngui; Editing by Stephen Coates)