SINGAPORE — Citi will open its largest wealth advisory hub globally in Singapore in December as it seeks to tap the growing affluent segment in the city.
The bank is targeting double-digit growth in market share and number of clients in the wealth segment over the next few years, it said in a statement on Tuesday (29 September).
Located in Singapore’s shopping belt district, the “Citi Wealth Hub at 268 Orchard” will have over 30 client advisory rooms, as well as flexible work and event spaces. It will occupy 30,000 sq ft across four floors and can house over 300 relationship managers and product specialists.
“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,” Brendan Carney, chief executive officer of Citibank Singapore and global consumer banking, Asean cluster head, said.
“As we continue to grow our business, we will look to open more of such hubs in the future," he added.
The hub is a key part of Citibank Singapore’s growth plan and evolving retail strategy, where Citi continues to serve customers’ transactional needs digitally, and engage with them in “deeper wealth conversations”.
Currently, almost 90 per cent of the bank’s retail banking customers are using digital platforms for their daily banking needs, while less than 1 per cent of transactions occur in Citi branches.