Citibank has enhanced its Singapore small and medium enterprise offering after a survey revealed that many small businesses feel that banks do not take them seriously enough.
The CitiBusiness service now includes a high yield current account, a real estate financing package, a business credit card and extra business advisers. Mr. Joel Kornreich, Citibank’s business director for sales, distribution and marketing, said: There are about 110,000 SMEs registered in Singapore.
While they represent a growth business with huge potential, there is a wide gap between what banks are currently offering to the SME segment, and what they need. In particular, they often feel ignored by banks because of their size.
CitiBusiness will be focused on SMEs in three core segments: Merchants/Retailers, Traders/Exporters and Professional Services.