Citi launches wealth proposition
(13 April 2010 – Asia) Citibank yesterday unveiled its new wealth management proposition for high net worth individuals, claiming the new model delivers exclusive and personalised service.
The new model that services customers with assets under management of between US$1 million (A$1.07 million) and US$10 million was launched jointly in Singapore and Hong Kong by the bank this week, boasting the capabilities to look after individuals personal and business wealth.
Singapore and Hong Kong, well-established markets with a concentration of the affluent and conducive regulatory frameworks, were chosen as launch markets for the banks new model.
The bank said it also has plans to roll-out the Citigold Private Client proposition across the region in phases. India and Taiwan are scheduled next for implementation in the second half of the year, followed by Korea, Japan, Malaysia, Indonesia and the Philippines.
The Asia Pacific region, which is recovering faster than global economies, is expected to be one of the strongest drivers of global wealth in the coming years. According to the Capgemini-Merrill Lynch World Wealth Report 2009, the combined wealth of Asia Pacific's HNWIs is estimated to grow at an annual rate of 12.8 percent by 2013, surpassing the global average of 8.1 percent.
Mr Jonathan Larsen, head of Consumer Banking and Global Cards, Citi Asia Pacific said, Citigold Private Client is unique as an all-encompassing wealth management proposition that meets the full spectrum of clients' financial needs. The ability to provide clients with products and services that cut across typically discrete banking solutions is Citi's unique strength and speaks to the scale, depth and diversity of its range of businesses.
Singapore and Hong Kong, well-established markets with a concentration of the affluent and conducive regulatory frameworks, were chosen as launch markets for the banks new model.
The bank said it also has plans to roll-out the Citigold Private Client proposition across the region in phases. India and Taiwan are scheduled next for implementation in the second half of the year, followed by Korea, Japan, Malaysia, Indonesia and the Philippines.
The Asia Pacific region, which is recovering faster than global economies, is expected to be one of the strongest drivers of global wealth in the coming years. According to the Capgemini-Merrill Lynch World Wealth Report 2009, the combined wealth of Asia Pacific's HNWIs is estimated to grow at an annual rate of 12.8 percent by 2013, surpassing the global average of 8.1 percent.
Mr Jonathan Larsen, head of Consumer Banking and Global Cards, Citi Asia Pacific said, Citigold Private Client is unique as an all-encompassing wealth management proposition that meets the full spectrum of clients' financial needs. The ability to provide clients with products and services that cut across typically discrete banking solutions is Citi's unique strength and speaks to the scale, depth and diversity of its range of businesses.
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