It is said to have a presence in 17 markets in the region. In March 2019, it announced plans to grow its "mass affluent and high-net-worth client base" in the Asia Pacific region by around 10% that year, explaining that it saw this growth coming from "a mix of physical and digital investments" that it was planning to make, in order to support the additional clients it was planning to attract.Ĭiti's Asia Pacific regional wealth management business, which is a part of its Asia Pacific and Europe, the Middle East and Africa (EMEA) consumer banking unit, targets clients in Asia Pacific and EMEA who have "investible assets" of between US$100,000 and US$10m. Like many other major banks, Citi has been ramping up its Asian business for some time, in respone to the region's projected continued growth. "We have bold goals for Singapore, and this is only the beginning.” “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," Carney added. In its statement, Citi also revealed that it planned to "double AUM growth" and treble the number of Citigold "and above" clients in the market, in addition to hiring more than 330 relationship managers by 2025 to assist in looking after its growing Singapore client base.Ĭitibank Singapore chief executive Brendan Carney, who also heads up the bank's global consumer banking operations in the Asean region, said that in spite of 2020 being a "uniquely challenging year," the regional operation had grown its "qualified clients" business by close to 5%, compared to 2019. The new wealth hub, pictured above, is located at 268 Orchard Road, in a well-known, upscale Singaporean shopping district, across the street from the five-star Mandarin Orchard Hotel. The new "Citi Wealth Hub" will look to cater to Southeast Asia's rapidly-growing affluent and high-net-worth market, via the bank's "Citigold" and "Citigold Private Client" operations, according to a Citi statement issued last week, to mark the facility's opening.
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