Citi UAE targets AUM portfolio of $15bln by 2025

Citibank UAE, a top provider of wealth management services said it plans to expand its Assets Under Management (AUMS) portfolio threefold to $15 billion by 2025, and double the size of its new Relationship Managers (RMs) to support client growth.

The bank is also targeting to quadruple its wealth client base over the next five years. This is part of an ambitious “Win In Wealth” strategy growth plan.

Citigold is designed to meet the global banking and investment needs of affluent individuals with investable assets of $ 200,000 and above.

Offering wealth management services, digital banking and solutions tailored specifically to the unique needs of affluent and high net-worth customers whose preferences are becoming more global, digital and oriented towards savings and investment solutions, customers increasingly want to bank digitally while still having the flexibility to receive wealth management advice from a team of trained individuals.

Dinesh Sharma, Citi Middle East Head of Consumer Banking, said: “Clients in the UAE demand world class advisory services as well as a global wealth proposition delivered on their terms. With the further investment in our platforms and talent pool, the expanded clientele will be able to book and manage their wealth across multiple jurisdictions through a single universal Relationship Manager. This, combined with Citi’s research capabilities, will ensure that we remain top provider of integrated wealth management services in the country.”

Growth will be driven further by a mix of physical and digital investments including technology and offering further access to Citi’s institutional products and content for retail clients. The increasing use of technology to offer wealth advice on demand will also support growth.

This will be via the combination of world class advisory from Citi’s Wharton trained RMs and a refreshed wealth management digital value proposition including remote advisory and wealth management tools.

Citi currently has two Citigold Lounges located in Dubai and one in Abu Dhabi designed to provide enhanced professional wealth management services to its clients across the UAE. The centers have trained wealth management relationship managers and portfolio counsellors, who assist clients with their wealth management needs.

Clients can receive personalized wealth management services from experienced relationship managers. Since their launch, Citi on boarded close to 3,000 new Citigold customers. In addition, about 40% of these customers are actively engaged with the bank through investment or insurance products.

In the last year, the bank has grown its mobile users across the Asia Pacific region by over 1 million with a new mobile banking experience that includes wealth management digital tools such as portfolio diversification indexing and stress testing abilities.

These will be rolled out to the UAE as well, along with video banking engagement that the Bank has rolled out further across the region for RMs to speak with clients on demand. In the UAE 95% of Citi’s customer transactions are done online through the Citi Mobile App earning Citi UAE ‘Digital bank of the year 2020’ award by Asset Triple A Digital Awards.

Venkat Mahadevan, Citi Middle East Head of Wealth Management, said: “We see a significant opportunity in the growing affluent segment in the UAE. As we listen to our clients’ needs, we will continue to bring them best in class wealth management services and further enhance our capacity to serve their needs.” – TradeArabia News Service