Citibank Singapore retains pole position in credit card sales

CITIBANK Singapore on Monday said its credit card sales have grown at least 20 per cent faster than the industry over the last five years.

The bank still holds the largest consumer credit card portfolio in Singapore. It did not say if its market share of about 30 per cent has eroded over the years. But at a press briefing, John Denhof, head of cards and personal loans at Citibank Singapore, acknowledged that competition here has intensified.

Fresh data provided by the bank showed that last year, Citibank's credit card sales grew slightly below 10 per cent, which is stronger than the growth of about 7 per cent for the industry.