Singapore – Citi today opens its largest wealth hub globally, dedicated to Citigold and Citigold Private Client customers, signalling the importance of Singapore as a key investment market for its Asia consumer business. With a rapidly growing affluent client base in Singapore, the bank's strategy is to further enhance its ecosystem of digital tools and wealth hubs, deliver more innovative mobile solutions and expand its talent pool by hiring over 330 Relationship Managers by 2025.
As part of Citi's "Win in Wealth" strategy in Asia, Citibank Singapore aims to double AUM growth as well as triple the number of Citigold and above qualified clients in the country by 2025. "Win in Wealth" strategically positions the bank to harness the opportunities of the world's fastest growing market with its longstanding history in Asia across business lines, physical presence in 17 local markets across APAC and unique global network.
The opening of Citi Wealth Hub at 268 Orchard reflects Citi's commitment to better serve wealth clients in Singapore as the bank moves to elevate the banking experience through strong digital offerings to help clients manage simple daily banking needs digitally, while handling the intricacies and needs of high net worth clients face-to-face.
Every month, close to 70% of Citi's retail banking customers are already logging onto the Citi Mobile® App in Singapore. While customers are increasingly opting for digital to meet their day to day banking needs, most clients still prefer a human touch for wealth advisory which involves more complex transactions. This new wealth hub is set to be a holistic knowledge sharing space that will deliver an exclusive, personal investment service that focuses not only on individual financial goals but also what wealth may mean to every client.
"Citi has an enormous opportunity to serve the growing affluent segment in Singapore. In line with our growth aspiration and despite a uniquely challenging year, we grew qualified clients by close to 5% in 2020 compared to 2019. Citi Wealth Hub at 268 Orchard will further enhance our capacity to serve our clients and bring best-in-class wealth management solutions to them, as we listen to their needs. We have bold goals for Singapore, and this is only the beginning." Brendan Carney, Chief Executive Officer (CEO) of Citibank Singapore Limited and Global Consumer Banking (GCB) ASEAN Cluster Head added.
Citi's first wealth advisory hub in Singapore will also have built-in facilities to host bespoke lifestyle events for clients, investment seminars and more. It can house over 300 Relationship Managers and Wealth Specialists at one central location, bringing even more convenience to clients. Clients visiting the wealth hub will also be treated to an array of delights including sustainably sourced Lavazza Gourmet Coffee, TWG Tea and signature chocolate bonbons from multi award-winning local pastry chef Janice Wong, which includes flavours and designs that have been exclusively made for Citi Wealth Hub.
As Citi seeks to continue helping clients build and preserve their wealth, the bank also launched Citi Wealth First, a new SGD deposit account, in August this year to enable clients who opt to consolidate their banking activities with Citi to earn higher interests on their SGD deposits. Since its launch, close to 3000 accounts have been opened, with 90% of clients being Citigold customers and above. In addition, 40% of these customers are actively engaged with the bank through investment or insurance products.
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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