NUS Business School and Citi launch joint undergraduate course in transaction banking
10 January 2013
To cater to the increasing industry demand for transaction bankers, the National University of Singapore (NUS) Business School and Citi Singapore have jointly launched a transaction banking course for undergraduates, marking the first time Citi has joined forces with an academic institution to offer such a course.
The 13-week course starts on 14 January 2013 and will be taught by faculty members of NUS Business School and bankers from Citi Transaction Services (CTS). They will train the School's undergraduates on the concepts of transaction banking, including product capabilities and services, and help participants understand issues from various perspectives such as those of a transaction banker, corporate treasurer and chief financial officer. Students will be able to apply their acquired knowledge in a course practicum that exposes them to transaction banking issues and cases.
With the need for corporations and institutions to move cash and securities across the global financial system in a safe and efficient manner every day, transaction banking services are at the core of most financial institutions. This sector of the banking industry has been gaining traction for major banks in recent years because of its ability to deliver efficient use of capital, resulting in consistent and reliable revenue streams for their shareholders.
"We are honoured to be Citi Singapore's partner of choice. CTS is an industry leader and the collaboration will give our students invaluable perspectives in transaction banking. On behalf of our students, we thank Citi Singapore and CTS for their devotion to developing the next generation," said Professor Bernard Yeung, Dean and Stephen Riady Distinguished Professor of NUS Business School.
Professor Yeung added: "As a leading business school in Asia, we work with industry leaders to cultivate innovative thinking, and impart cutting-edge skills and practical knowledge to our next generation. The joint course showcases our efforts to offer a deeply analytical and relevant curriculum, which we, at NUS Business School, continually seek to update for the fast-changing global economy."
CTS offers integrated cash management, trade, as well as securities and fund services to multinational corporations, financial institutions and public sector organisations around the world. In the Asia Pacific region, the CTS team provides on-the-ground relationships in 18 markets and end-to-end transaction banking capabilities.
Mr Michael Zink, Citi's Head of Asean and Country Officer for Singapore said, "As the largest banking employer in Singapore with close to 10,000 employees across the country, we believe we have a role to play in developing the next generation of the banking workforce locally to ensure that Singapore continues to have a supply of highly-skilled talent to enhance its position as a global financial centre."
He added: "Partnering NUS Business School was not a difficult decision. The institution has consistently been positioned highly in international rankings and attracts high-calibre students from diverse backgrounds. For instance in 2012, the Financial Times ranked the NUS MBA 23rd in the world for the second year running. Students who successfully enrol in the course will get the best of both worlds as the course is structured to offer a good balance between academic rigour and practical application."
Mr Melvyn Low, Managing Director, Country Head for Citi Transaction Services Singapore said, "Transaction services have gained strategic importance for banks in recent years as more and more corporates are implementing transaction banking solutions to manage their cash positions across multiple jurisdictions and for moving money efficiently across borders. This, in turn, has increased demand for talent in transaction services, where we see a clear shortage."
He continued: "At present, no local university is offering transaction banking courses to undergraduates. The partnership with NUS Business School aims to bridge this gap to meet the increasing demand in the market for such talent."
The joint course will be a permanent feature in NUS Business School's undergraduate programme and will be open to students who have successfully completed the Corporate Finance module. It will admit up to 50 of the school's undergraduates this year. The students will be graded at the end of the course.
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