Citi turnaround earns Pandit Euromoney's 'Banker of the year' award
12 July 2010
Mumbai: For his two-and-a-half long efforts in turning around Citigroup, Euromoney has named Citigroup CEO Vikram Pandit as banker of the year, in addition to bestowing 13 major product and regional awards to the US banking giant, in its annual Euromoney awards for excellence.
Pandit had faced extreme criticism almost from the commencement of his tenure of the banking giant in December 2007, in the aftermath of the global financial crisis, for the bank's various acts of ommission and commission during the tenure of his predecessor Charles Prince. (See: Vikram Pandit appointed Citi CEO; Sir Win Bischoff chairman)
Pandit enlarged the bank's capital aggressively sold non-core businesses acquired during the reign of Prince to cover billiuons in debt write-offs, as he struggled to turn the multinational banking giant around.
''I am deeply honored that Euromoney has recognised the significant progress we are making at Citi,'' said Pandit. ''By focusing on being a bank dedicated solely to serving its clients and taking advantage of our unique global footprint, we have put all the elements in place for long-term profitability and success.
"This recognition would never have been possible without the dedication and hard work of our 263,000 employees around the world, and I am proud to accept this award on their behalf.''
Citi was also awarded best global transaction banking house for its global transaction services business, which offers integrated treasury, trade, securities and fund services to multinational corporations, financial institutions and public sector clients in over 100 countries around the world. Citi global transaction services processes over $3 trillion in worldwide transactions daily, serving 96 per cent of the world's Fortune 500 companies.
Citi was also ranked the best investment bank in the Caribbean and India, best cash management house in Africa, Asia, Latin America, North America and in Central and Eastern Europe, best debt house in Colombia and Mexico, and the best equity House in Hong Kong and the Middle East.
The Euromoney awards for excellence, now in their 19th year, continue to be among the most respected awards in the financial services industry.