Citi to Open its Largest Wealth Hub Globally in Singapore
Citi has announced that it will open its largest wealth advisory hub dedicated to Citigold and Citigold Private Client customers in Singapore in December 2020.
Officially named Citi Wealth Hub at 268 Orchard, it will occupy an area of 30,000 sq ft across four floors at 268 Orchard Road, and have over 30 client advisory rooms, as well as flexible work and event spaces, Citi said in a press release.
Targeting double digit growth in market share and number of clients in the wealth segment over the next few years, the new wealth hub can house over 300 Relationship Managers and Product Specialists. At the same time, the wealth hub will have built-in facilities to host bespoke lifestyle events for clients, investment seminars and more.
Clients will be able to engage with their Relationship Managers and have access to a team of specialists all at one central location. Citibank’s International Personal Bank clients visiting Singapore who wish to transact cash services may also utilise the hub.
Designed to enhance a visitor’s connectivity to nature, the wealth hub embodies a Biophilic Design and will also be LEED-certified. Biophilic elements can be found in many of Singapore’s iconic buildings such as Jewel Changi and Gardens by the Bay. Client meeting rooms will be named after national flowers and trees found in countries and jurisdictions where Citi has a presence in, with some transformed into ‘garden pods’. Shrubs and trees will evoke an atmosphere where everything seems to flourish in a natural and sustainable manner, a nod to the ideals of wealth management.
Brendan Carney, Chief Executive Officer, Singapore, and Global Consumer Banking ASEAN Cluster Head, Citibank, said: “Our vision for the new wealth hub is to be a holistic knowledge sharing space that delivers a unique wealth banking experience to our clients. 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. As we continue to grow our business, we will look to open more of such hubs in the future.”
The new wealth hub is a key part of Citibank Singapore’s multi-year growth plan and evolving retail strategy, where Citi continues to serve customers’ simple transactional needs digitally together with a wealth advisory hub for deeper wealth conversations. Currently, close to 90% of the bank’s retail banking customers are using digital platforms for their daily banking needs, while less than 1% of transactions occur in Citi branches.
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