Citibank and SMRT launch strategic partnership to offer significant convenience and value to everyone in Singapore

Debut of the Citibank-SMRT co-brand credit and debit cards present Singapore’s first 2-in-1 Visa and EZ-Link card, with a travel rewards programme that gives up to 400 free SMRT rides per year

51 self-service Citibank Instant Banking Centres across all SMRT train stations and 10 branches at strategic SMRT train stations to be opened, extending Citibank’s presence in the Singapore heartlands
Issued By: EZ-Link Pte Ltd

SINGAPORE, 7 December 2006 – Citibank Singapore Ltd (“Citibank”) and SMRT Corporation Ltd (“SMRT”) today announced a landmark partnership that will bring added value and convenience to everyone in Singapore. The first initiative under this partnership is the launch of the Citibank-SMRT Visa credit/debit card that comes with EZ-Link functionality and Singapore’s first travel rewards programme that gives free SMRT rides. Citibank also plans to open 10 Citibank branches and 51 Citibank Instant Banking Centres at all SMRT MRT train stations (“MRT stations”), significantly boosting its presence and providing customers with more accessibility to its products and services. This partnership also offers added convenience to SMRT’s passengers, who make 2 million trips daily, by bringing facilities that serve passengers’ banking and lifestyle needs within easy reach.

The Citibank-SMRT co-brand card offers Visa credit or debit card functionality and the full suite of Citibank Card privileges and services. The card’s unique feature is its ability to function as a contactless EZ-Link Card as well. For the first time, customers will have the convenience of auto top-up from their card accounts for the EZ-Link function and accrue rebates with the first-of-its-kind travel rewards programme. Cardholders can enjoy up to 400* free SMRT rides per year using their rebates from the auto-top up function and all credit card purchases, particularly grocery purchases and at selected cafi outlets which yield higher rebates.

Citibank’s latest initiative to open branches and Instant Banking Centres at MRT stations will position it as the only bank in Singapore to have such a comprehensive presence in MRT stations across the island. At the same time, it will more than double Citibank’s current branch network to 19, and more than triple its proprietary ATM locations to 75. As part of the arrangement, Citibank is working with AXS to deploy Citibank-AXS terminals at all MRT stations as well. As at 1 December 2006, Citibank’s customer touch-points included 9 branches, 24 proprietary ATM locations, over 370 Citibank-AXS terminals and more than 140 ATMs under the ATM5 network.

Mr. Jonathan Larsen, CEO and Country Business Manager, Citibank Singapore Ltd said, "Citibank is delighted to be working with SMRT, which runs what is arguably the best public transportation system in the world. Our partnership leverages the combined strengths of our two organisations, bringing real value and convenience to commuters and showing our strong commitment to enhance the everyday lives of consumers. This partnership with SMRT represents a major step for Citibank as we reach deeper into the heartlands of Singapore to serve all segments of customers. It will also enable us to provide unparalleled convenience and value to everyone in Singapore everyday."

Ms Saw Phaik Hwa, President and CEO of SMRT said, "At SMRT, we take leadership in innovative service initiatives that create value for our passengers. This collaboration with Citibank, a global banking giant, is a milestone for SMRT. Citibank’s presence in our 51 MRT stations is in line with our drive to transform our MRT stations into lifestyle destinations of choice. Coupled with the launch of the first Citibank-SMRT co-brand credit/debit card cum contactless fare card, this synergistic partnership brings greater convenience and rewards for our commuters."

A day in the life of a Citibank-SMRT customer

The expanded customer touchpoints and the new Citibank-SMRT card, when combined with other groundbreaking innovations such as instant card issuance, will present a seamless experience for customers.

For example, a customer going downtown for a shopping trip stops at a Citibank branch at an MRT station near her home. She opens a savings account, finds out more about investment products and uses the instant issuance service to apply for a Citibank-SMRT Visa credit card. Upon reaching the Citibank branch at a downtown MRT station, she picks up her new Citibank-SMRT Visa credit card within an hour of applying and starts using it to make purchases. On her way home, she uses the EZ-Link function of her new Citibank-SMRT Visa card to pay for her MRT fare. On another day, she uses the Citibank-AXS terminal to pay her bills. At the end of the month, she uses the rebates from her card spend to offset some of her daily commuting costs.

Growth opportunities

Citibank saw broad-based double-digit growth across all its business lines in 2006, including mortgages, auto finance, credit cards, Ready Credit and deposits, investments and insurance products.

Mr Larsen is upbeat about the growth opportunities presented by Citibank’s partnership with SMRT. He said, "In the last 18 months, we have expanded our physical touchpoints from 5 to over 500, including branches, ATMs, ATM5 network and the partnership with AXS. The added accessibility has been particularly well received by our heartland customers, who make up 64% of our total customer base."

Details on new branches and Citibank Instant Banking Centres

Each Citibank Instant Banking Centre is a self-service kiosk, featuring a Citibank ATM and a Citibank-AXS terminal, located at all 51 MRT stations.

Citibank plans to open 10 new branches at MRT stations in high traffic locations. At these branches, customers will be able to open current/savings accounts, purchase basic investment and insurance products, and get approval for Ready Credit and term loans. Some branches will also have the capabilities to provide instant issuance of cards.

The first two branches at Bugis and Tiong Bahru MRT stations will be opened within the next three months whilst the other eight branches will be opened over the next year.

"This collaboration with Citibank provides a strong value proposition to consumers with a wide range of services from cash withdrawal to payment services. It’s a pleasure to work with Citibank, and we hope to achieve greater success in the coming months," said Mr. Joey Chang, CEO, AXS InfoComm Pte Ltd.

Details of the Citibank-SMRT VISA credit/debit and EZ-Link card

The Citibank-SMRT Visa credit and debit card will have the complete functionality of a credit/debit card, and will also serve as an EZ-Link pre-paid transit card that can be used on MRT trains, buses and taxis. The Citibank-SMRT Visa credit card will be launched today while the Citibank-SMRT Visa debit card will be launched in the 1st quarter of 2007.

As an integrated credit/debit and EZ-Link card, cardholders will also be able to perform auto top-up to their EZ-Link accounts from their Citibank-SMRT Visa credit/debit card, providing utmost convenience. Currently, customers will be able to get instant issuance of Citibank credit cards at four Citibank branches (Orchard Road, Paragon, Parkway and VivoCity).

The rebates and rewards that cardholders will enjoy include:

• Up to 2% on Auto-Top Up;
• Up to 5% on Groceries & Coffee;
• 0.3% for spend beyond monthly minimum spend of S$600 in statement.
• Attractive discounts at participating SMRT retail outlets, located at various MRT stations

Commenting on these new initiatives, Mr Anand Cavale, Business Director for Credit Payment Products, Citibank Singapore Ltd said, "Citibank has always been focused on offering strong and singular reward propositions to give customers significant value. The Citibank-SMRT Visa credit/debit card was developed precisely with this in mind – to touch the lives of everyone living in Singapore, especially consumers who use the public transportation network. Based on our extensive research, consumers want the ultimate convenience of a 2-in-1 credit/debit card and EZ-Link card, and they want to be rewarded for daily expenditures such as public transport fares, coffee and groceries. From tomorrow, this breakthrough in card convenience and value will enable us to address these needs even better."

"SMRT and Citibank are leaders in their respective industries and we are proud to be part of this partnership. The development of this new card is a prime example of cross industry collaboration and innovation to offer consumers the increased convenience of having an all-in-one card for their daily commuting and spending needs", said Nicholas Lee, Senior Vice President, Business & Technology of EZ-Link.

Meranda Chan, Visa’s country manager for Singapore and Brunei said, "This new card takes convenience in payment to a whole new level. With more than 3.3 million Visa cards in Singapore, this card is a new way for Singapore consumers to have the global payment opportunities of Visa credit and debit, combined with the ability to travel on public transportation and utilise contactless payment."

An example of the rebates and savings include:

If a customer spends S$700 with her Citibank-SMRT Visa credit /debit card per month, she will earn approximately S$22.35 in SMRT$, which she can use to offset free trips. In one year, the customer has the potential to earn S$268.20 in SMRT$ and more than 400 free trips.

About Citibank
Citibank is a member of Citigroup (NYSE: C), the leading global financial services company which has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Additional information may be found at: www.citigroup.com.

About SMRT
SMRT Corporation Ltd is Singapore’s premier multi-modal transport service provider offering integrated island-wide transport services. It delivers safe, reliable and friendly travel for commuters through its comprehensive network of 51 MRT stations, the Bukit Panjang Light Rail System, as well as a fleet of over 3,000 taxis and 800 buses. In addition, SMRT leverages its experience and unique strengths to offer maintenance consultancy and project management services for railway systems, as well as commercial and advertising space within its transport infrastructure.