Citibank Set to Expand Singapore Division (NYSE: C)

Citibank’s (NYSE: C) Singapore unit is set to expand its distribution network and franchise by adding at least four new branches and 50 new any-time teller machines this year.

The additional branches will place a total of 26 Citibank branches in the city and will result a total of more than 220 ATM machines located in the city.

The expansion will also allow Citibank to overtake its primary competitor in Singapore, Maybank. Currently Maybank operates 22 branches in Singapore and currently has the largest branch network in the city.

A Citi spokesperson said that the rate of expansion will be more than twice that of its 2009 expansion rate. Citibank Singapore market Chief Anil Wadhwani said that the Singapore market is “absolutely critical” and is a “priority market.”

Since 2006, “branch and ATM networks in Singapore have almost tripled as at the end of last year” said Wadwani to press.

Citibank and other multi-national financial companies are increasingly turning to emerging markets such as Singapore for future growth. With fears that the United States and European governments will take steps to limit the size and scope of financial institutions, banks will turn to developing markets such as Singapore, Hong Kong and others to fuel future growth.