Citibank (China) has announced plans to launch new products and services for its Citigold business, which serves wealthy customers in China with assets of RMB1m ($1,57,860) and above.
The US lender considers China as the second largest individual asset market, where according to Citi Research individually-held investable assets has surged five times in the past decade to reach RMB188 trillion.
The upgraded Citigold offering includes the digital advisory platform Total Wealth Advisor. The platform features Portfolio 360 with investment analytics as well as the Citigold Diversification Index (CDI) that evaluates customers’ portfolio diversification across different asset classes.
The enhanced offering also includes wealth management products offering access to QDII funds, and customised wealth products designed for regulatory compliance.
It also offers clients exclusive services in various categories including travel, overseas education, health and wellness, as well as exclusive privileges such as free access to Citigold centres abroad, and fee waive for premium credit cards.
At the same time, the upgraded proposition also offers access to Wharton-trained relationship managers.
Citi China head of retail bank sales and distribution Max Xu said: “In recent years, we have reallocated resources to build out Wealth Management Hubs, invested in our digital capabilities and strengthened our core value propositions. Our offering allows customers to interact with us through multiple channels with access to better-trained Relationship Managers supported by digital experiences for convenience and efficiency.”