Shanghai – Citibank (China) Co., Ltd. ("Citi China") today unveiled new value propositions for Citigold, a client segment targeting the affluent in China. The enhanced Citigold value propositions were designed to meet customers' increasing needs in diversified global asset allocation and international banking services. The new value proposition provides a range of preferred benefits and personalized services.
"The rising Chinese economy sees a growing pool of globally minded affluent individuals in China," Darren Buckley, Country Business Manager, Global Consumer Banking, Citi China, said. "Citi's unique global network positions us well to tap this trend and assist this group of customers in realizing their financial goals and life style aspirations. Our customers in China will be able to enjoy world-class services equivalent to anything available from elsewhere around the world."
China has become the second largest individual asset market behind the United States. According to Citi Research, China's total size of individually-held investable assets is five times what is was one decade ago, reaching RMB 188 trillion. Citi estimates that the total middle class population in China will reach 803 million by 2025, making up 86 percent of the urban population.
"Our investment in Citigold has been generating strong results," added Max Xu, Head of Retail Bank, Sales and Distribution, Citi China, "In recent years, we have reallocated resources to build out Wealth Management Hubs, invested in our digital capabilities and strengthened our core value propositions. Our offering allows customers to interact with us through multiple channels with access to better-trained Relationship Managers supported by digital experiences for convenience and efficiency."
The enhanced Citigold value proposition comes with a wealth of features that answer the needs of the affluent, including:
In China, the Citigold segment caters to affluent clients with assets under management of RMB 1 million and above.
Citi is a leading wealth manager in the Asia Pacific region with over US$256 billion in assets under management (AUMs). In 2017, Citi China grew its AUMs by 13 percent on the back of a 9 percent increase in customer growth. Citi China aims to continue double-digit AUM growth in the coming years, and to increase its Relationship Managers by 18 percent in 2018 alone. In 2015 Citi and The Wharton School launched an executive education program—the Citi Wharton Global Wealth Institute, a training program that helps enable Citi's front—liners to have richer advisory conversations with their clients.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides 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.
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Citi first established an office in China on May 15, 1902, in Shanghai. In April 2007, Citi was among the first international banks to locally incorporate in China. Citi's locally incorporated entity is known as Citibank (China) Co Ltd, which is wholly owned by Citibank, N.A. Today Citi is a leading international bank in China with a footprint in 13 cities across China (Beijing, Changsha, Chengdu, Chongqing, Dalian, Guangzhou, Guiyang, Hangzhou, Nanjing, Shanghai, Shenzhen, Tianjin and Wuxi). With operations in more than 160 countries around the world, Citi is the most global of all international banks in China.
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