Citibank yesterday launched its Citigold Private Client, to replace its Citigold Select, in Singapore and Hong Kong. The global banking giant Citibank is therefore planning to aim at a new wealth management operation for high net-worth folks. The new scheme will target people with US$1 million and US$10 million assets under management. The plan will be made functional in about 15 places across Asia, and will put its initial footsteps in South Korea and Taiwan.

Head of Consumer Banking and Global Cards for Citi Asia-Pacific, Mr. Jonathan Larsen, explained that Citigold Private Client will present a balanced blend of sophisticated retail banking and the traditional sphere of private banking.

The plan will make it possible for the clients to enjoy the products and the services that generally take into consideration only the affluent customers or the “ultra high net-worth individuals” i. e. the ones with more than US$10 million of assets invested. He further said that the banking giant wants to exceed the annual growth rates of “combined wealth of high net-worth individuals in Asia”.

Chief Executive of Citibank Singapore, Mr. Anil Wadhwani said that these clients will be able to use products and services from other banking segments that include transactional and commercial advantages. Citibank has 14% market share of the high net-worth customer and 7.5% share of total assets under management in Asia- Pacific.