Summary List PlacementGlobal investment bank Citi has opened a 30,000-square-foot wealth hub on Singapore’s Orchard Road, the city-state’s glitzy luxury shopping thoroughfare.
The Citi Wealth Hub on Orchard Road, Citi’s largest wealth hub globally, was created to cater to the bank’s Citigold and Citigold Private Clients, who must have at least 250,000 Singapore dollars ($186,000) and SG$1.5 million ($1.1 million) in investable assets respectively.
The idea is to bring together Citi’s Singapore-based relationship managers and wealth specialists in a central location where they can advise these clients on building their wealth, according to a Citi spokesperson.
While Citi doesn’t disclose its numbers of Citigold and Citigold Private Clients, there’s no shortage of wealthy potential clients in Singapore.
The city-state is home to 3,732 ultra-high-net-worth individuals, or individuals worth at least $30 million, according to Knight Frank’s 2021 Wealth Report.
In the 2021 Global Financial Centres Index that ranks global financial centers, Singapore ranked fifth overall after New York, London, Shanghai, and Hong Kong.
“Citi has an enormous opportunity to serve the growing affluent segment in Singapore,” Brendan Carney, CEO of Citibank Singapore Limited and Global Consumer Banking, said in a statement announcing the opening of the wealth hub in December.
I recently got a tour of the Citi Wealth Hub, which spans 30,000 square feet across four floors. The seventh floor is dedicated to the Citigold Centre for Citigold clients, who must have at least SG$250,000 ($186,000) in assets.
Clients are greeted by a sleek reception area with fresh flowers. Like everywhere else in Singapore right now, everyone is required to check in with contact tracing app Trace Together.
The Citigold Centre is a large glass-walled atrium with meeting pods, a cafe, and an abundance of greenery.
Ministry of Design, the interior design firm responsible for the space’s biophilic design, refers to the atrium as a “Banking Conservatory.”
It certainly didn’t feel like any bank I’d been in before.
Instead of tellers or conventional meeting rooms, there are “garden pods” where clients can meet with their wealth managers.
Each pod is set up with a round table, four chairs, and a screen where a relationship manager can advise the client using a larger screen instead of a laptop or tablet.
A free cafe serves Lavazza coffee, TWG tea, and chocolate bon bons from local pastry chef Janice Wong.
And there are other nooks throughout where clients can meet with their relationship manager or just lounge with …read more
Source:: Business Insider