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Tue, September 29, 2020 – 3:18 pm
CITI will open its largest center of wealth globally in Singapore in December, tapping into growing wealth with a personal touch at a safe distance.
The new Wealth Center at 268 Orchard can house more than 300 relationship managers and product specialists, and has built-in facilities to host custom lifestyle events for clients as well as investment seminars.
Officially named the Citi Wealth Hub at 268 Orchard, it will occupy an area of 30,000 square feet on four floors of the city.
Taking into account the “new normal measures” of safe distancing, portable plexi protective shields will be installed throughout the wealth center, while a safe spacing of at least two meters will be applied.
An antimicrobial coating will be applied to all high-touch surfaces and all rooms will also be disinfected after each use.
Today, less than 1 percent of transactions occur at Citi branches in Singapore. But the last physical space aimed at the wealth business is meant to differentiate the bank from the competition as it accelerates growth in the Republic.
Citi said The Business Times in March, which plans to double its wealth management business in terms of number of clients and market share from its current 5% by 2025. Its total assets grew 11% in 2019 over the previous year, while the management segment Equity saw a 19% increase in assets under management.
In a press release, Brendan Carney, CEO of Citibank Singapore and head of the global consumer banking cluster Asean, said: “We see a great opportunity for us to serve the growing prosperous segment in Singapore and believe in the need to continue to improve. our customer value proposition by investing in this new center of wealth. As we continue to grow our business, we will look to open more centers of this type in the future. “
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