Citibank is gunning for more high net worth clients with a new S$3.5 million high-tech centre in Singapore.
The centre will have private conference rooms, video conferencing facilities and a plush ambience akin to a five-star hotel catering to high net worth clients.
Citibank believes such clients form a growing market, which will help it compete in the lucrative banking segment.
Such individuals typically have more than S$1 million in assets that can be invested.
And according to Citibank Singapore’s CEO Jonathan Larsen, there are 38,000 such individuals in Singapore today.
He said: “That number is going to grow and those people are going to get richer, their needs are becoming increasingly sophisticated, not just the traditional range of products.
“It’s now a very sophisticated range of hedge funds, it’s estate planning tools, it’s estate planning insurance concepts so that people can think about their legacy and how to maximise that for future generations. It’s bespoke structured products where we create a product specifically around your needs, just for one client.”
Citibank said this is the first such centre in Singapore, following successful launches in Hong Kong, Taipei and Seoul.
Source : Channel NewsAsia – 26 Feb 2008