Citibank said it placed first among financial institutions in the Far Eastern Economic Review's annual ranking of Asia's leading corporations.
The rise of technology providers like Microsoft and Motorola (No. 1 and No. 4 on the ranking of all mutinationals in Asia) caused a drop in Citibank's overall standing to eighth from sixth.
The results are based on a survey of more than 4,000 businesspeople in 11 Asia-Pacific countries. They rated companies on financial soundness, quality of products and services, innovativeness in responding to customer needs, long-term vision, and whether other organizations try to emulate them.
Citibank led the financial industry in the last three of those categories. It was in the top 10 among all Asian multinationals in financial soundness (No. 2, behind Union Bank of Switzerland) and as a company others want to emulate (No. 9).
Citibank has led the financial institution category for three years in a row. As in the yearend 1994 ranking, American Express was second. Bank of America jumped ahead of Chase Manhattan Bank into third place.