Citi Unveils New Citigold Private Client Experience in China
Revamped Value Proposition Better Serves China’s HNW Banking Needs
Bank targets continued double-digit growth of affluent wealth customers
August 2, 2019 – Citibank (China) Co., Ltd. (“Citi China”) today unveiled new value propositions for Citigold Private Client (CPC), a client segment for High Net Worth (HNW) clients in China, as well as its new Chinese brand name “Si Xiang Jia”.
The bank also opened its first CPC Wealth Centre in Beijing, underlining its commitment to further growth in China. The center, opened in Beijing Huamao, caters to clients with RMB 8 million of AUMs and above in China.
The enhanced CPC value proposition, including new digital wealth management solutions provides clients with a range of trustworthy and exclusive services to support their financial aspirations, with world class advisory from Citi’s Wharton trained Relationship Managers.
“Our clients increasingly want world class advisory delivered on their terms—either remotely, digitally or face to face. Our wealth hubs with world class trained RMs combined with digital wealth management tools offer clients a market leading wealth management value proposition. We are confident the investments we have made and continue to make will support double digit client growth rates in 2019,” said Darren Buckley, Executive Vice President and Consumer Business Head for Citi China.
The enhanced Citigold Private Client value proposition comes with a wealth of features including:
- Comprehensive tailor-made asset allocation solutions, customers can enjoy exclusive tailored products including structured investments.
- Experienced professional experts including dedicated Wharton-trained RMs with more than 10 years of experience and investment/insurance knowledge to meet the various investment needs of clients.
- Citi’s proprietary digital advisory tool Portfolio 360 provides comprehensive investment analytics and insights into a customer’s portfolio including sensitivity analysis and various stress test scenarios to better balance investment opportunities and risks.
- Wealth inheritance solutions tailored for client’s needs such as asset protection and inheritance.
- Exclusive privileges, global travel and medical benefits including 24hr exclusive hotline, medical facilities and resources, free overseas airport pick up, fee waivers for premium Prestige credit card.
- Access to global events and CPC alumni events to engage with elites in various industries. Citi Asia Pacific “Young Successor Program” offers various business development, leadership and communication trainings for the next generation of CPC clients.
Over 90 percent of Citi China customers are using our WeChat Service Account for daily banking and credit card services. Digital capability supports certificate of deposit AUM growth of more than 78 percent year-to-date. In the first half of 2019, Citi China grew its annualized qualified affluent wealth customers by over 40 percent on top of 2018 full year growth of 26 percent. Citi China aims to further accelerate the current growth momentum and continue double-digit growth in the coming years.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Citi first established an office in China on May 15, 1902, in Shanghai. In April 2007, Citi was among the first international banks to locally incorporate in China. Citi\’s locally incorporated entity is known as Citibank (China) Co., Ltd., which is wholly owned by Citibank N.A. Today Citi is a leading international bank in China with a footprint in twelve cities across China. Citi, does business in more than 160 countries and jurisdictions, is the most global of all international banks in China.
SOURCE: Citigroup Inc.