Citi to open its largest wealth hub globally in Singapore in December

Wed, Sep 30, 2020

CITI will open its largest wealth hub globally in Singapore in December, tapping into growing wealth with a safely-distanced personal touch.

The new wealth hub at 268 Orchard can house more than 300 relationship managers and product specialists, and features built-in facilities to host tailored lifestyle events for clients, as well as investment seminars. Officially named Citi Wealth Hub at 268 Orchard, it will occupy an area of 30,000 square feet across four floors in town.

Accounting for the "new normal" safe-distancing measures, portable plexi guard shields will be installed throughout the wealth hub, while safe distancing of at least two metres will be enforced. An antimicrobial coating will be applied on all high-touch surfaces and all rooms will also be disinfected after each use.

Today, less than one per cent of transactions occur in Citi branches in Singapore. The bank has closed its iconic MacDonald House branch, and told The Business Times in March that it would move out of its outlet in Paragon too.

The latest physical space targeted at the wealth business is meant to set the bank apart from the competition as it ramps up growth in the Republic. Citi had told BT that it plans to double its wealth management business in terms of number of customers and market share from its current 5 per cent by 2025.

Its overall assets grew by 11 per cent in 2019 from a year earlier, while the wealth management segment saw a 19 per cent jump in assets under management.

In a press statement, Brendan Carney, chief executive officer of Citibank Singapore and global consumer banking Asean cluster head, said: "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."