Tuesday, November 25, 2008

Message from the CEO, Citibank Singapore Ltd

Chief Executive Officer (CEO) of Citibank Singapore Ltd, Jonathan Larsen, sent out an email in an effort to reassure all customers on the financial soundness of Citibank Singapore.

The below is the email content:

Message from Jonathan Larsen

Country Head & Citi Country Officer, Singapore

Chief Executive Officer
Citibank Singapore Ltd

November 24, 2008

To: Customers of Citibank Singapore Limited

Dear Customer,

I am writing to update you on the latest developments taking place in the U.S. to further strengthen Citi's capital ratios, reduce risk and increase liquidity. As of this afternoon, the U.S. Government and Citi reached an agreement to address the speculation and rumors about Citi's financial health, which led to recent stock market valuations, in spite of Citi's strong balance sheet and franchise fundamentals.

As a result of the agreement with the U.S. Treasury, the Federal Reserve Board and the Federal Deposit Insurance Corp (FDIC), Citi significantly strengthens its key capital ratios by generating approximately US$40 billion of capital benefits. In addition, Citi's balance sheet risk has been reduced by the guarantee of over US$300 billion in assets by the U.S. Government.

Citi's Tier 1 capital ratio for the third quarter ended September 30, 2008, on a pro forma basis, for the October TARP capital injection and the new capital generated by today's announcement, subject to the Federal Reserve Board's approval, is expected to be approximately 14.8%.

Today's announcement brings even greater clarity to our overall financial standing and ability to deliver the best service to our customers. It will also provide reassurance to our customers with respect to the strength of Citi's global franchise.

Throughout these difficult markets, Citibank Singapore Ltd and Citibank N.A, Singapore Branch have maintained a stable operating income, unparalleled access to funding, extraordinary levels of liquidity and the best talent in the business. Our business is strong and our support for our customers has been unwavering. This announcement endorses our continued commitment to our customers in Singapore, as we have been doing since 1902.

We look forward to serving you in future and would like to thank you for your continued patronage.

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