Citibank has launched a new, tailored offering for high net worth individuals (HNWIs) in Asia, in a bid to capture a greater share of this growing client base.
Date: April 16, 2010
Citigold Private Client provides a personalised servicing model for clients with assets under management of between US$1 million and US$10 million – by giving them access to the products and services offered across the Citi franchise, including the consumer, private and commercial banks.
The bank said that rather than adopting a product-driven, piece-meal approach, Citigold Private Client examines a client’s assets in totality, across personal and business wealth, before structuring client portfolios by employing the entire range of financial products and services.
To create a team-based approach, a dedicated Citigold Private Client banker and service manager will service each client, together with a team of financial experts including treasury, equity and investment specialists, portfolio counsellors and business bankers.
Citi said that its banking and investment specialists will perform regular reviews of clients’ goals and portfolios to keep their strategies relevant and robust.
The offering has initially been rolled out in the wealth management hubs of Singapore and Hong Kong, but will be implemented across the region in phases. India and Taiwan are next, scheduled for the second half of 2010, followed by Korea, Japan, Malaysia, Indonesia and the Philippines.
Explained Jonathan Larsen, Citi’s head of consumer banking and global cards in Asia Pacific: “Citigold Private Client is unique as an all-encompassing wealth management proposition that meets the full spectrum of clients’ financial needs.”
Larsen said he expects the bank’s wealth management business to surpass estimated annual growth rates of the combined wealth of HNWIs in Asia.
The region 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% by 2013, faster than the global average of 8.1%.