New Office

Citigroup Launches Six Full-Service Offices In Hong Kong

Vanessa Doctor Asia Editor 4 February 2010


Citigroup has opened six full-service retail offices in Hong Kong, offering a full range of retail banking, personal lending, and wealth management services.

The move increases the bank's network in Hong Kong to 32 branches, the company said in a statement yesterday.

Citibank Hong Kong will also be launching a host of new products and services designed to help clients grow their wealth starting this month, including a new deposit product called Step-Up Interest Account, a permanent waiver of monthly custody service charges for US and HK securities and deposit of securities fees.

"Hong Kong is an important market for Citigroup globally and we are proud of our more than 108 year history in the territory. We remain fully committed to the local market and will continue to grow our presence and make it easier and more convenient for our customers to access our world-class suite of retail and wealth management products and services," said Vikram Pandit, chief executive officer of Citigroup, in a statement.

At the launch ceremony yesterday, country business manager and CEO of Citibank's global consumer group (Hong Kong) Weber Lo said that all of the bank's expansion initiatives of late are "significant steps forward in delivering an exceptional service experience to our clients, whether they are affluent or emerging affluent."

One new branch will be located in Tsim Sha Tsui, while the other five branches, in North Point, Tuen Mun, Sha Tin, Tai Po, and Kwai Fong, are upgraded versions of existing branches.

As reported previously by WealthBriefingAsia, Citigroup has been very vocal about its plans to expand its presence in the region, particularly on the fast-growing emerging markets sector. In 2009, Asia accounted for 23 per cent of the bank's total revenues, which translates to around $14 billion. Citi operates in 18 countries in the region.

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