Best Bank for Letters of Credit winner: Citi

Citi was celebrated for its good online systems and solid reputation in the market.

One participant said: “They offer an excellent service and have been doing it for a long time.”

Another added: “They always give us prompt and reliable attention.”

Citi opened for business in 1812, and since then, has been a major player in some of the world’s most innovative breakthroughs in banking, including the pioneering of the world’s first ATM.

“Citi offer an excellent service and have been doing it for a long time.”

Citi has clients in 40 countries and transacts in more than 160 countries and jurisdictions, 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, transaction services and wealth management.

Taking the second spot was Barclays with a score of 6.42. Participants commented on the bank’s service and quality of its staff.

Third place went to HSBC with a score of 6.36. In March 1865, HSBC opened its doors for business in Hong Kong. Today the bank, which is headquartered in London, operates in 74 countries and territories.

The banking giant was praised for its offerings in Asia, as well as its excellent service.

Commerzbank came in next, followed by Lloyds. Commerzbank scored 6.35, while Lloyds came in just behind with 6.34.

Commerzbank was recognised for its flexibility and speed and praised for its efficiency, while Lloyds received positive feedback for its knowledge of the London Market and good client contact.

“They always give us prompt and reliable attention.”

The companies in the shortlists seen here were selected based on the first stage of the research, conducted via phone interviews and open online polls. Respondents were asked to name two companies they regard highly in this category. They were then asked to give details of why they had chosen these firms.

The shortlist for this category reflects the companies mentioned the most frequently.

The researchers then approached the market a second time and, using this shortlist presented in a random order, asked respondents to score each company out of ten based on how they perceive the quality of the products, services and expertise of each. It is the results of this part of the survey that are shown here.

More than 500 respondents took part in each part of the survey respectively.

The score shows the average score out of ten that each company received in stage two of the survey.

The shortlist was presented to respondents in a random order.