Citi has bowed to the demands of its high net worth customers for face to face contact and opened a “wealth hub” in the Sydney CBD.
Citi closed the last of its branches in Australia in February last year, saying 95 per cent of its banking interactions have been happening outside branches for some years. It retained a wealth hub in Melbourne.
However, “our high net worth customers still value face to face interactions”, said Citi Australia’s head of banking and wealth management distribution Gofran Chowdhury.
The Sydney hub is in Citi’s CBD office and is described as “a tailor-made space where we can deliver a strong level of personal engagement for these clients”.
Chowdhury said Citi’s goal was to double the size of its wealth management business in Australia over the next three years.
He said the opening of the Melbourne hub in 2019 resulted in higher transaction levels and growth in assets under management.