Citibank Singapore is planning to double its wealth management business in terms of market share from its current 5% alongside the number of customers by 2025.
The bank’s Singapore chief executive Brendan Carney is of view that the retail and wealth management business may further accelerate growth following an 11% increase in assets last year, including 19% client asset growth from its wealth management segment.
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As part of its plans, the bank invested in a new four-storey wealth management centre based in Singapore’s shopping district, Orchard Road.
The 30,000ft² centre will have two floors for 400 relationship managers and specialists. Two floors will be dedicated for client meetings and events.
The bank is planning to reduce its branch presence and focus more on wealth management centres, with plans to add at least one more centre.
Citi is also seeking to increase its client-facing staff by 20% to 25% over the next three to five years and also boost training for its existing relationship managers.
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By GlobalDataCiti has been operating in Singapore since 1902 and is claimed to be the largest foreign banking employer in the country.
In April 2019, Citibank Singapore became the first bank in the country to introduce instant in-principle approval for debt consolidation plan.
The new capability improves convenience for prospective customers who earlier had to wait for up to three days for a decision after the bank receives their applications via email or post.
