AMERICAN banking giant Citigroup took the wraps off a new $100 million global operations and technology (O&T) hub here on Monday.

The 200,000 sq ft purpose-built facility at the Changi Business Park marks the completion of the first phase of a $220 million-plan to centralise Citi's global O&T units in Singapore.

Acting Minister for Information, Communications and the Arts, Rear Admiral (NS) Lui Tuck Yew - who officially opened the site - said it allowed Citi to consolidate operations under one roof resulting in greater synergy and propelling long-term business growth.

'It is heartening to note that in the midst of the current economic situation, global companies like Citi remain committed to Singapore,' said Mr Lui.

The site - which also houses Citi's 22nd and newest retail banking branch - is now home to 2,000 of its 8,000 staff in Singapore. Most are moving over from older O&T sites in nearby Tampines.

Industry watchers believe Citi's latest investment in Singapore reaffirms the Republic's position as a magnet for international financial institutions.

Country head and Citi country officer for Singapore Jonathan Larsen said that the building represented a strategic investment in Singapore for Citi.

'It reinforces Singapore's role as Citi's strategic hub for regional management, marketing, operations and technology globally,' said Mr Larsen.

Mr Larsen's comments the week after Citi surprised Wall Street with second-quarter profits of US$4.3 billion.

The bank - named Singapore's best bank in the Euromoney Awards for Excellence 2009 last week - has been steadily increasing its presence in Singapore, especially in the retail banking space since 2005.

Read the full report in Tuesday's edition of The Straits Times.