Citi is set to launch its largest wealth advisory hub in Singapore to serve its Citigold and Citigold Private Client customers.
The move is part of the bank’s plan to achieve a double-digit growth in wealth market share.
The Citigold service caters to customers with at least $200,000 in assets.
In addition to Citigold clients, Citibank’s International Personal Bank clients visiting Singapore can use the hub for transacting cash services.
A LEED-certified facility with biophilic design, the Citi Wealth Hub at 268 Orchard will comprise more than 30 client advisory rooms and event space.
It will be staffed by over 300 relationship managers and product specialists.
Slated to launch in December this year, the hub will occupy four stories, encompassing an area of 30,000 square feet.
The bank plans to establish more such hubs in the future.
Citibank Singapore CEO Brendan Carney said: “We see a great opportunity for us to serve the growing affluent segment in Singapore, and believe in the need to continue enhancing our client value proposition by investing in this new wealth hub.”
Meanwhile, in a separate development, Citi Australia extended its alliance with Australian wealth platform Netwealth for international custody, global and domestic equities execution and fund administration services.
Netwealth can leverage Citi’s global platform ‘Execution to Custody’ (E2C), which offers global execution, settlement as well as custody services in one portal.
With the move, Netwealth becomes the first Australian wealth platform to utilise E2C.
Notably, Citi recently became the first US bank to obtain China fund custody licence.
The licence will enable the bank to hold securities on behalf of mutual funds and private funds in the country.
In May this year, Citigroup announced plans to launch a new unit focused on sustainability within its investment banking unit.