Citibank to open 2 more wealth advisory hubs, plans to close remaining 3 branches
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Mia Pei
CITIBANK Singapore will open two new satellite wealth advisory hubs by the first quarter of 2024, enhancing wealth management business in Singapore.
Complementing the main wealth hub at 268 Orchard, the two hubs in Parkway Parade and Holland Village will allow its Citigold and Citigold private client customers to better engage with their relationship managers, said the bank on Wednesday (Oct 18).
Despite a globally dampened investor sentiment in a volatile macro environment, the New York-based bank has continued to focus on Singapore as a key location to expand its global wealth business.
“Singapore is one of Citi’s four global wealth hubs, and we remain optimistic about its wealth management industry prospects,” said Brendan Carney, chief executive of Citibank Singapore.
He noted the bank’s thriving affluent segment in Singapore, with a strong growth of new clients over recent years.
In an interview with The Straits Times, Carney said Citibank eventually plans to close all its banking branches in Singapore. The upcoming hubs would play a key role in the bank’s “future-ready hybrid service model”, as daily transactions can be done via mobile app and the wealth hubs can cater to wealth management clients.
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The Parkway Parade hub will expand by more than 60 per cent in floor area, and the Holland Village hub will be 80 per cent bigger than the previous branch.
“We are pleased to bring our wealth advisory solutions closer to where our clients are, offering even more flexibility and space for them to have these important discussions with us,” said Matt Read, Citibank Singapore retail banking head.
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