Citibank (China) Co., Ltd. ("Citi China") today unveiled new value propositions for Citigold Private Client (CPC), a client segment for High Net Worth (HNW) clients in China, as well as its new Chinese brand name "Si Xiang Jia".
The bank also opened its first CPC Wealth Centre in Beijing, underlining its commitment to further growth in China. The center, opened in Beijing Huamao, caters to clients with RMB 8 million of AUMs and above in China.
The enhanced CPC value proposition, including new digital wealth management solutions provides clients with a range of trustworthy and exclusive services to support their financial aspirations, with world class advisory from Citi's Wharton trained Relationship Managers.
"Our clients increasingly want world class advisory delivered on their terms—either remotely, digitally or face to face. Our wealth hubs with world class trained RMs combined with digital wealth management tools offer clients a market leading wealth management value proposition. We are confident the investments we have made and continue to make will support double digit client growth rates in 2019," said Darren Buckley, Executive Vice President and Consumer Business Head for Citi China.
The enhanced Citigold Private Client value proposition comes with a wealth of features including:
Over 90 percent of Citi China customers are using our WeChat Service Account for daily banking and credit card services. Digital capability supports certificate of deposit AUM growth of more than 78 percent year-to-date. In the first half of 2019, Citi China grew its annualized qualified affluent wealth customers by over 40 percent on top of 2018 full year growth of 26 percent. Citi China aims to further accelerate the current growth momentum and continue double-digit growth in the coming years.
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 twelve cities across China. Citi, does business in more than 160 countries and jurisdictions, is the most global of all international banks in China.
Notes to Editors
According to Bain Consulting, in 2018 China's individual-held investable assets reached RMB 190trn. By the end of 2018, the number of HNW individuals in China with AUM above RMB 10mn reached 1.97 million, an increase of 25 percent compared with 2016. This number is expected to reach 2.2 million by the end of 2019. Ultra HNW individuals with AUM of RMB 100mn is growing even more rapidly and is estimated to reach 200,000 by the end of 2019, an increase of 19 percent year on year.