US-based bank Citibank announced on its website that it will be exiting the local retail banking scene with effect from Saturday (12 Oct).
The bank will cease operations at its last remaining local branch in the CPF Jurong building at 12pm on that day.
The move does not come as a surprise, with Citibank Singapore’s Chief Executive Officer Brendan Carney declaring in October last year that he plans to close existing local branches.
Source: Google Maps
Despite not having a transactional branch, the bank will still offer digital services to its customers and advise affluent clients through its physical wealth centres.
According to the Straits Times (ST), the shift comes amid a higher usage of digital, online, and self-service platforms for banking activities.
“We have invested in our digital banking infrastructure so that nearly all daily transactions can now be done on the Citi Mobile App,” a Citi Singapore spokesperson said.
“Only 2% of transactions are done in person at the branch.”
Source: Citi Singapore on Facebook
The spokesperson added that the closure of the last outlet is in line with the bank’s strategy to “evolve our physical locations from transactional branches to three wealth management centres”.
Citibank has three wealth advisory hubs in Singapore as of September 2024, located at:
Their wealth centres, named simply as Citi Wealth Hub, are dedicated hubs primarily serving the bank’s Citigold clients (with assets of at least S$250,000) and Citigold Private Client clients (with assets of S$1.5 million).
Source: Citi Singapore on Facebook
The wealth hubs provide a space for clients and relationship managers to discuss portfolios and allow them to be served by product specialists.
Beyond this, regular Citibank customers can still visit the wealth centres for a range of in-person activities such as:
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Featured image adapted from finews.asia.
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