Citi has announced that it will be opening up its Citigold wealth management service to clients of its thrift banking unit Citibank Savings in the Philippines.

Citigold, available to customers with at least $80,000 in investable assets, will be offered through the thrift bank due to regulatory restrictions over the number of branches a foreign bank can have in the country.

"This is an exclusive service and is targeted at the affluent segment, so obviously the target market is not mass-based," clarified Sanjiv Vhora, the country head of Citi Philippines, in a statement.

“It is very targeted and very directed but we believe that given the growth in the economy, and the sophistication of investments moving away from being just deposits, a service like Citigold fits in absolutely in the segment we are looking at,” he added.

The service will be offered initially at Citi Savings Ermita branch in Manila and will be opened at two other branches in the coming month. The brand has 22 branches all over the country.