Citi opens wealth management hub in Singapore

anking giant Citi has opened its largest wealth hub globally for its Citigold and Citigold Private Client customers in Singapore.

This is part of the bank’s strategy is to bolster its digital tools and wealth hubs, deliver more innovative mobile solutions and expand its talent pool by hiring over 330 relationship managers by 2025.


The opening of Citi Wealth Hub at 268 Orchard will serve wealth clients in Singapore as well as improve its digital offering in a bid to help clients manage financial needs digitally, while handling the intricacies and needs of high net worth clients face-to-face.

Brendan Carney, chief executive of Citibank Singapore and global consumer banking Asean cluster head, said: “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.”

Source: International Advisor

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Singapore’s wealth management industry is one of the most competitive and fast-paced in the Asia Pacific. They're many global private banks, family offices and other players in the market competing for the same market share of affluent, HWNI and UHNWI clients. The Dragon Banker’s 2021 Wealth Management in Singapore Report will help you identify new opportunities in Singapore’s wealth management market, show you the strengths and weaknesses of all the key players, and help redefine your strategy for 2021 and beyond. 

The Report’s Goal

This report evaluates Singapore’s HNWI behaviours, the changes in Singapore’s private banking regulations, the competitive landscape, and the various wealth management products and their demand in the market. The report also thoroughly analyses the playing field for Singaporean private banks, from domestic to foreign, along with key insurance companies.

Benchmarking

The report also ranks the banks from best too worst based on customer service, product selection, international expertise, and advisory services.

Methodology

This report is completed by two surveys: The first survey interviews 100 HNWI throughout Singapore learn their needs, their changes, and how they view wealth management in Singapore. The second survey interviews 10 major banks in Singapore to learn about emerging trends in wealth management in Singapore and the country’s competitive landscape.

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