Citi opens Sydney wealth office

In a statement, Citi said it had opened a “wealth hub” within its Sydney CBD banking offices that was “designed to be a holistic knowledge sharing space” for high-net-worth clients.

The group’s head of banking and wealth distribution Gofran Chowdhury said Citi had reconfigured the way it was engaging with this client group to deliver a more personalised experience, following the closure of its remaining physical bank branch in Australia in February.

“While 95 per cent of Citi’s banking interactions have been happening outside of branches for a number of years, our high-net-worth customers still value face to face interactions,” Mr Chowdhury said.

“As a result, we’ve built a tailor-made space where we can deliver a strong level of personal engagement for these clients as we work together to provide investment guidance and manage their wealth.”

Mr Chowdhury said following the establishment of a similar wealth hub for Melbourne clients in 2019, Citi’s assets under management had risen 12 per cent and the number of transactions the bank was processing for clients had doubled.

“Our high-net-worth clients come to Citi for our global expertise, and access to a wide range of products from traditional fixed income, to high yield fixed income solutions, structured products and more,” he said.

“In today’s volatile environment, impacted by both the pandemic and low interest rates, we look forward to helping our clients find yield solutions and both protect and grow their wealth.”