Citibank has opened a second branch in Thailand to cater to the country's growing affluent clientele. 

The new office is located along Silom Road in Bangkok and houses a wide range of financial services, including its Smart Banking concept and a Citigold centre. Citigold is a wealth management service that offers domestic and international financial services and investment advisory for clients with at least two million baht in deposits or investments in the bank. 

"We have always stated our desire to further expand Citibank in Thailand and following the approval from the Bank of Thailand, we are pleased to be able to offer customers greater access to our global banking platform," said Narasimhan Rajashekaran, the country business manager for Thailand. 

According to the second phase of the Bank of Thailand's Financial Sector Master Plan, existing foreign financial institutions may open one or two branches from 2010 to 2014. In the 2012-2013 period, the central bank shall allow foreign banks in Thailand to change their legal status to bank subsidiaries with the ability to open as many as 20 branches. In 2014, the central bank said it will allow overseas banks to apply for full branch licenses. 

The latest world wealth study by Merrill Lynch and Capgemini shows that there are around 50,000 high net worth individuals in Thailand.