Citibank will close its last branch in Singapore, located at the CPF Jurong Building in Jurong East, on Oct 12. The branch’s automated teller machines (ATMs), cash deposit machines and express cheque deposit services will also no longer be available after noon that day.
The decision to close the Jurong East branch, which includes a Citigold Centre, reflects the bank’s strategy to pivot away from its “transactional” branches and towards its three current wealth management centres, says a Citi Singapore spokesperson.
Citi opened its flagship Citi Wealth Hub at 268 Orchard Road in December 2020. Its second centre opened at Parkway Parade in December 2023 and its third at One Holland Village in February this year.
These centres are aimed at serving Citigold clients, who own assets of at least $250,000; and Citigold Private Client customers, who own assets of at least $1.5 million.
Citi Singapore says it has invested in its digital banking infrastructure and “nearly all daily transactions can now be done on the Citi Mobile App”. “We operate a future-ready hybrid service model for wealth management in Singapore, with day-to-day transactions done digitally and physical locations designed for wealth management conversations.”
According to the bank, more than 80% of regular transactions are conducted on its app and website. Only 2% of transactions are done in-person at the branch.
See also: Citi to exit retail banking in 13 markets across Asia and Europe
The decision will not affect Citi’s more than 280 Citibank ATMs and ATM shared networks islandwide.
While the bank does not disclose its number of retail customers here, the Citi Singapore spokesperson says the bank will offer in-person services — such as joint and junior account opening and closure, account closure for the deceased, as well as client attestation for Lasting Power of Attorney — at its three wealth management centres during this transition.
The US bank reiterates that Singapore is one of Citi’s four global wealth hubs, alongside Hong Kong, the United Arab Emirates and London. “We remain firmly focused on serving the thriving affluent segment here,” says the Citi Singapore spokesperson.
See also: Citibank Singapore appoints Matt Read as retail banking head
While the bank focuses on wealthy customers, Citi Singapore is also a major credit card issuer. About $1 in every $5 of card spend in Singapore is paid with a Citi product, according to the spokesperson.
Out of retail
Citi announced its decision to exit the consumer banking business in 13 markets across Asia and Europe in April 2021. Nine of the markets are in Asia: mainland China, India, Indonesia, South Korea, Malaysia, the Philippines, Taiwan, Thailand and Vietnam.
DBS Group Holdings acquired Citi’s consumer business in Taiwan, while United Overseas Bank U11 (UOB) did the same in Malaysia, Thailand, Indonesia and Vietnam.
UnionBank acquired Citi’s consumer business in the Philippines, while HSBC acquired Citi’s retail wealth management portfolio in mainland China. Axis Bank acquired Citi’s consumer business in India.
In 2022, Citi shut down its retail franchise in South Korea after failing to find a buyer.
Citi Singapore let go of some 500 staff earlier this year as part of a global restructuring, The Straits Times reported in July. The bank currently has some 8,000 full-time and contract staff in Singapore, added the daily paper.
The bank started the year announcing that it would eliminate 20,000 roles globally, or 8% of its workforce, by the end of 2026, as part of CEO Jane Fraser’s cost-cutting measures.
Citi Singapore is looking to hire more staff for its growing wealth business as well as commercial bankers to cater to companies expanding in the region, said Citi’s Singapore country officer Tibor Pandi in a Straits Times interview.
