Citibank Singapore will be hiring 330 relationship managers over the next five years for its newly opened wealth hub here.
The hub was officially opened at 268 Orchard Road yesterday and is the bank’s largest wealth advisory hub globally. Citibank has moved 300 relationship managers, advisers, specialists and staff from other branches to the wealth hub.
“With a rapidly growing affluent client base in Singapore, the bank’s strategy is to further enhance its ecosystem of digital tools and wealth hubs, deliver more innovative mobile solutions and expand its talent pool,” Citi said in a media statement.
The bank also aims to double its assets under management here and triple the number of its affluent clients by 2025.
“Citi has an enormous opportunity to serve the growing affluent segment in Singapore. In line with our growth aspiration and despite a uniquely challenging year, we grew qualified clients by close to 5 per cent in 2020 compared with 2019,” said Mr Brendan Carney, chief executive of Citibank Singapore and Asean cluster head of the global consumer banking division.
“Citi Wealth Hub at 268 Orchard will further enhance our capacity to serve our clients and bring best-in-class wealth management solutions to them, as we listen to their needs. We have bold goals for Singapore and this is only the beginning,” he added.
The wealth hub occupies an area of 30,000 sq ft across four floors. It houses more than 30 client advisory rooms, including four pods in a garden-like setting.
Rooms have QR codes for clients to access digital menus and plastic barriers to reduce contact.
The hub features built-in facilities to host bespoke lifestyle events for clients and investment seminars.
It will cater to Citigold and Citigold Private Client customers, and offer cash services and wealth management advisory, which includes insurance and investments.
It expects to serve about 150 clients a day with safe distancing measures in place.
The total capacity of the hub is about 600 people, including clients and staff. This is reduced to about 500 with current restrictions.
The bank said: “The opening of the hub reflects Citi’s commitment to better serve wealth clients in Singapore, as the bank moves to elevate the banking experience through strong digital offerings to help clients manage simple daily banking needs digitally, while handling the intricacies and needs of high-net-worth clients face to face.”
It noted that each month, almost 70 per cent of Citi’s retail banking customers are logging onto the mobile application in Singapore.
But while customers opt for digital solutions to meet their daily banking needs, most clients still prefer the human touch for wealth advisory, which can involve more complex transactions, it added.
In August, Citi launched a deposit account to help clients consolidate their banking activities to earn higher interest rates on their Singapore dollar deposits. Nearly 3,000 accounts have been opened, with 90 per cent of clients being Citigold members and above.