CITI SRI LANKA

Q: Throughout its 47 years in the country, how has Citi Sri Lanka evolved to meet changing client needs and adapt to the country’s operating environment while leveraging Citi’s global network to connect local clients with international markets, expertise and opportunities?
A: Citi has been in the country since 1979. During this time, our focus has remained unchanged: to connect Sri Lanka to the world and the world to Sri Lanka.

Much has changed since – the economy, global trade and technology – but our focus has not. We operate an institutional business in Sri Lanka, focussing on areas where we believe we can add the most value.

We serve four client segments: large local corporates seeking to trade, raise capital or expand overseas; multinationals establishing businesses in Sri Lanka; local banks conducting international business; and the government and governmental entities with cross-border needs.

Cross-border connectivity underpins these relationships. Whether clients are expanding internationally or entering Sri Lanka, we support them through our global network. Citi’s product innovations, cutting-edge technology and people enable us to provide a consistent value proposition to our clients regardless of the markets in which they operate. 

Q: What role does Citi play in supporting multinational companies, financial institutions and local corporates with cross-border banking requirements?
A: With a presence in more than 90 countries and jurisdictions, Citi is well positioned to support Sri Lankan corporates expanding internationally.

We provide solutions across the markets they venture into including trade finance, working capital, liquidity, cash management, markets and debt solutions. An apparel company establishing factories overseas, for example, can work with Citi in multiple locations while maintaining visibility of its global operations from Sri Lanka.

For multinationals entering Sri Lanka, we provide access to the products and service standards they are accustomed to across our global network, allowing them to focus on their core business.

We also support local financial institutions through correspondent banking services, particularly for US Dollar transactions. Sri Lankan banks can maintain foreign currency accounts with us in major financial centres and access trade finance, letters of credit confirmations and liquidity management solutions.

And for the government, we facilitate access to international capital markets by providing advice, helping structure transactions and identifying investors to support its funding requirements.

Q: The bank has operated through challenging periods. What has enabled it to remain resilient and continue providing critical services during times of uncertainty?
A: Citi’s strong capital position and balance sheet give us the capacity to assess and manage risk through the cycle. Our international experience also strengthens our risk management.

During the debt crisis, we drew on decades of experience in similar markets to understand developments and navigate challenges. This knowledge is supported by a disciplined approach with a clearly defined target market, a stringent operating model and established risk management policies. These provide structure for decision making during a crisis.

Equally important is our local expertise. Our experienced management team has navigated several crises in Sri Lanka and understands how to manage their repercussions and identify emerging opportunities.

Comprehensive contingency planning is the final factor. Through crisis simulations and ongoing staff training, we prepare our teams to respond. Although events rarely unfold exactly as simulated, these exercises build readiness. Together, global experience and discipline, local expertise and contingency planning underpin our resilience. This has helped us support clients through difficult periods.

Q: How are technology, automation and AI transforming Citi’s services and helping clients manage their banking requirements more efficiently?
A: At Citi, technology and artificial intelligence are strategic priorities. AI is central to how we operate, deliver for our clients and build the future of banking. A core driver of Citi’s modernisation, we’re embedding AI into every part of how we run our businesses – with safety, compliance and responsible innovation at the forefront.

We are using AI to transform how we operate and deliver measurable results for colleagues, clients and our firm. We are focussed on four key areas: accelerating business strategy and revenue growth, enhancing productivity and process transformation, bolstering our defensive capabilities, and evolving our talent and workforce.

By applying AI and automation to approximately 50 of our most complex processes, we simplify operations, improve client experience, reduce risk and improve efficiency. We infused AI into our product development approach, and reimagined how teams build and deploy Citi products.

We see artificial intelligence as an enabler. By putting AI into the hands of our people and creating an AI empowered workforce, we’re making Citi more productive and agile.

Q: How does Citi maintain a strong culture of compliance, controls and responsible risk management amid changing market conditions?
A: We believe controls and a strong compliance culture are similar to the brakes of a racing car: if you want to go fast, you need the best brakes. In banking, strong controls give us the confidence to move forward.

Compliance with laws and regulations in every market is fundamental to our licence to operate. Our approach rests on three pillars. The first is policies, procedures and systems, in which we continually invest to ensure compliance across all markets including Sri Lanka.

The second is our three lines of defence. The front line manages risk, maintains controls and ensures compliance; the second provides oversight; and the third is internal audit. Each has clearly defined responsibilities and accountability.

The third – and to me, the most important – is a strong compliance culture. Excellent systems and policies depend on people believing in them. We embed this culture from recruitment through goal setting, performance evaluations and everyday conduct.

We uphold meritocracy and encourage employees to report unethical behaviour through several channels including an independent, anonymous hotline. Reports are taken seriously and acted on promptly.

Every employee has risk and control objectives tailored to their role. Year-end evaluations and rewards reflect performance against these alongside business results. Together, these pillars make compliance a shared commitment that people embrace because it is the right thing to do.

Q: Beyond banking, how has the bank contributed to local communities?
A: Citi contributes through technology, expertise and international best practices that help develop the local banking sector. Many of our former employees and colleagues who trained with Citi now hold leadership roles across the sector, and we share global insights with regulators and policymakers, providing expertise and support for their initiatives.

Our philanthropic engagement covers four broad areas. The first two are financial literacy and entrepreneurship, and youth skills development. These are ongoing themes rather than individual projects. The third is disaster relief and humanitarian assistance with support from the Citi Foundation for communities affected by natural disasters in Sri Lanka.

And the fourth is employee volunteering including our annual Global Community Day with Citi Sri Lanka volunteers supporting projects throughout the year.

– Compiled by Tamara Rebeira

CONTACT DETAILS

• Telephone: 7796600
• Website: www.citigroup.com/global/about-us/global-presence/sri-lanka