Citi Private Bank Singapore Review: Private Bank Profile

What the PPLI.com rating of Citi Private Bank considers

This is our editorial assessment of Citi Private Bank. We look at the areas below, which matter to a family deciding where to keep its assets, and weigh them together with what clients tell us and the service they get. Retail products, branches and apps play no part. The public sources we used are listed at the foot of the page.

Conduct and enforcement

What regulators, prosecutors and courts have concluded about this licence holder in recent years.

Protection of client assets

Whether custody assets are ring-fenced by law in the booking centre, whether deposits are protected, and whether the custody terms can be read before signing.

Service for complex families

The breadth of private banking services the bank publishes for this booking unit, including work with external managers and family offices.

Cost transparency

Whether a prospective client can see the tariff and the bank's policy on third party payments before asking.

Ownership and control

Whether the bank's owners are public, how official assessments rate the anti-money-laundering regime of any owner's home jurisdiction, and whether a politically exposed person holds a significant stake. The same test applies to every bank.

Client opinions and service

What clients of Citi Private Bank and their advisers tell us in confidence, and the service the bank gives to families. We never publish names. Tell us about yours

PPLI.comPrivate Bank RatingRating in preparation

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the bank, not a credit rating, not a forecast of failure and not investment advice. Read about the rating.

Regulatory and legal record

What regulators, prosecutors and courts have decided, recorded against the legal entity they named, with the status, the amounts as published and a link to the original document. Claims and investigations still under way are marked as open.

20254 July 2025

Composition penalty for AML/CFT breaches found in examinations after the 2023 money laundering case

MAS imposed composition penalties totalling S$2.6 million on Citibank N.A. Singapore and Citibank Singapore Limited, named together as 'Citi'; the release does not split the amount between the two entities. MAS named Citi among FIs with inadequate customer risk assessment, inadequate follow-up on source of wealth discrepancies, and inadequate review of flagged transactions.

Citibank N.A. Singapore (CNAS) and Citibank Singapore Limited (CSL), collectively "Citi"

MAS said the institutions have embarked on remediation and it will monitor progress.

Monetary Authority of Singapore · Settlement without admission · Joint penalty on citibank n.a. singapore and citibank singapore limited (not split in the source) SGD 2.6 million · Primary source

202410 July 2024

Civil money penalty for insufficient progress under the 2020 consent order (data quality and risk management)

On 10 July 2024 the OCC assessed a USD 75 million civil money penalty against Citibank, N.A. for insufficient progress in meeting the 2020 consent order. On the same day the Federal Reserve separately fined the holding company, Citigroup Inc., USD 60.6 million; that action is shown as group context.

The Federal Reserve Board on Wednesday fined Citigroup $60.6 million for violating the Board's 2020 enforcement action.

Office of the Comptroller of the Currency (OCC) · Settlement without admission · Penalty USD 75 million · Primary source

202321 June 2023

Composition penalty for AML/CFT breaches identified in examinations after the Wirecard irregularities

MAS imposed a S$400,000 composition penalty on Citibank N.A., Singapore Branch for breaches from September 2019 to June 2020 involving two corporate customers, including failure to understand control structures, identify beneficial owners and inquire into unusually large transactions. This matter concerns the US bank's branch, not Citibank Singapore Limited.

MAS has imposed a composition penalty of S$400,000 on Citibank

Monetary Authority of Singapore · Settlement without admission · Penalty SGD 0.4 million · Primary source

20207 October 2020

Civil money penalty and cease and desist order: risk management, data governance and internal controls

The OCC assessed a USD 400 million civil money penalty against Citibank, N.A. and issued a cease and desist order requiring improvements in risk management, data governance and internal controls, including OCC non-objection before significant new acquisitions. The Federal Reserve issued a parallel cease and desist order against Citigroup Inc. the same day with no penalty.

The Office of the Comptroller of the Currency (OCC) today assessed a $400 million civil money penalty against Citibank, N.A

Office of the Comptroller of the Currency · Settlement without admission · Penalty USD 400 million · Primary source

201926 November 2019

PRA final notice: failings in regulatory reporting governance and controls

The PRA imposed a combined penalty of GBP 43.9 million on three Citi UK entities, including Citibank N.A. London branch, because internal controls and governance over UK regulatory reporting were not designed, implemented or operating effectively between 19 June 2014 and 31 December 2018. A 30% settlement discount applied (GBP 62.7 million before discount). The joint penalty cannot be apportioned to the London branch from the release.

Citibank N.A. London branch (CBNA London) and Citibank Europe Plc UK branch (CEP UK) (Citi) of £43.9 million

Prudential Regulation Authority · Settlement without admission · Penalty joint GBP 43.9 million · Primary source

201411 November 2014

Final notice: failings in G10 spot FX trading controls (five-bank settlement)

The FCA fined Citibank N.A. GBP 225,575,000 (USD 358 million) for failing to control business practices on its London G10 spot FX voice trading desk between 1 January 2008 and 15 October 2013, after a 30% discount. Parallel CFTC and OCC penalties (OCC USD 700 million across Citibank and JPMorgan per the FCA release) are separate and not additive here.

Citibank N.A. £225,575,000 ($358 million), HSBC Bank Plc £216,363,000 ($343 million),

Financial Conduct Authority · Settlement without admission · Penalty GBP 225.6 million · Primary source

Identity, protection and services

Legal identity

Legal nameCitibank, N.A., Singapore Branch

LEIE57ODZWZ7FF32TWEFA76

LicenceCitibank Singapore Limited: Qualifying Full Bank (locally incorporated subsidiary); also Exempt Capital Markets Services Entity, Exempt Financial Adviser, Exempt Trust Company. Separately, Citibank N.A. (incorporated in the United States) holds a Full Bank licence in Singapore as a branch. Source

RegulatorMAS

Legal formBranch of Citibank, N.A.

OwnerNot published Source

Ownership

Group parentCitigroup Inc. (listed, NYSE) Source

ControlWidely held; no shareholder with 10% or more Source (31 March 2025)

Disclosed holdings of 3% or moreBlackRock, Inc. 6.9% Source (31 March 2025)

Ownership is shown as published, with its date. It describes who owns the bank; it does not, by itself, suggest any wrongdoing by the bank or its owners.

Financial strength, as reported

Credit ratingsNot published

Tier 1 capital adequacy ratio19.6% (total CAR 20.2%) (2025-12-31) Source

Total equitySGD 3.4 bn (2025-12-31) Source

Services published for this booking unit

Private clients

Discretionary management

Advisory mandates

Custody only (execution and safekeeping)

Lombard lending

Mortgage lending

Multi currency accounts

Trust and fiduciary services

Family office services

Wealth planning

Consolidated reporting

External asset manager desk

Offered at this booking centreOffered by the group, not confirmed hereNot located, which does not mean unavailable
Checked on the bank's own pages, 2 November 2026.

Access and costs

Minimum relationshipSGD 1.5 million Source

US personsAccepted with restrictions

Fee schedulePublished Source

Third party paymentsNot published

Transfer out termsPublished Source

Protection of client assets

Deposit protectionFull banks in Singapore, including local banks and qualifying full banks, are members of the SDIC Deposit Insurance Scheme unless exempted by MAS: S$100,000 per depositor per member. Membership taken from the SDIC rule; the named member list is to be checked. Only eligible Singapore-dollar deposits are insured; deposits in US dollars or other currencies are not covered.

Custody lawNot published

Custody termsPublished Source

Rate Citi Private Bank

If you bank with Citi Private Bank or advise clients who do, your experience forms part of its PPLI.com rating. Every response is read by the editor and treated in strict confidence.

Citibank, N.A., Singapore Branch

What the PPLI.com rating of Citi Private Bank considers

Conduct and enforcement

Protection of client assets

Service for complex families

Cost transparency

Ownership and control

Client opinions and service

Regulatory and legal record

Composition penalty for AML/CFT breaches found in examinations after the 2023 money laundering case

Civil money penalty for insufficient progress under the 2020 consent order (data quality and risk management)

Composition penalty for AML/CFT breaches identified in examinations after the Wirecard irregularities

Civil money penalty and cease and desist order: risk management, data governance and internal controls

PRA final notice: failings in regulatory reporting governance and controls

Final notice: failings in G10 spot FX trading controls (five-bank settlement)

Identity, protection and services

Legal identity

Ownership

Financial strength, as reported

Services published for this booking unit

Access and costs

Protection of client assets

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Our commitment to confidentiality

Sources

For Citi Private Bank

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