The US bank is competing against lenders such as HSBC, DBS, UOB and OCBC that are building wealth management offerings in Singapore.
Citigroup will open its largest wealth advisory hub in Singapore’s Orchard area in December this year, going after mass-affluent and high net worth clients, according to the Straits Times.
The hub, named Citi Wealth Hub at 268 Orchard, will occupy an area of 30,000 square feet across four floors at the same address in the shopping district, the ST said yesterday.
The hub will cater for Citigold and Citigold Private Client customers. The Citigold arm of the bank caters for people with at least $250,000 in investible assets.
The report added that Citibank's International Personal Bank clients may also use the hub if they wish to transact cash services while visiting Singapore.