Asia: Citigold enhanced proposition in China

Citibank recently unveiled a range of new products and services aimed at improving its Citigold proposition in China. The change will allow Citibank to effectively target the growing client segment of affluent customers with one million renminbi or more in assets under management (AUM).

Darren Buckley the Country Business Manager for Global Consumer Banking of Citibank China said that Citibank is well-primed to support this affluent client segment in achieving their financial goals and lifestyle aspirations.

This is primarily due to Citibank’s effort in recent years to redistribute their resources into the development of their wealth management hubs, digital capabilities as well as core value propositions.

Doing so has allowed customers to easily interact and gain access to better-trained Relationship Managers.

As observed with RFi Group data, reliance on financial advisors amongst the affluent Chinese is on the rise with 63% relying on financial advisors to some extent.

Source: RFi H2 2017 China Priority & Retail Banking Council

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