Citibank is confident of achieving strong growth in Malaysia with the launch of its Citigold Global Banking service for local clients with cross-border needs, according to Timothy Johnson, the US bank's head of retail segment and marketing.

"The service is expected to see a double-digit growth in customer base in the next 12 months and we expect to beat the industry's expected growth rate of seven per cent this year," he told a press briefing.

Country business head for consumer banking Michellina Triwardhany said Malaysian clients were now more affluent. "I think the creation of wealth is an on-going process. What we saw in the last five years from 2001-2005 was double-digit growth throughout Asia, including Malaysia, in terms of the creation of wealth," she said.

"The current financial situation is part of the normal economic cycle and we expect wealth preservation as well as wealth creation to become a very key component for our Malaysian and general customers," Mr Johnson said.