Citi Australia opens its first Sydney wealth hub

Citi Australia today announced the opening of a wealth hub in Sydney, to cater to its growing high net worth client base. The move supports Citi's goal to double the size of its wealth management business over the next three years, in terms of revenue.

The new wealth hub is located in Citi's Sydney CBD office, and is designed to be a holistic knowledge sharing space that delivers a unique experience to clients.

This announcement follows the closure of Citi's last physical branch in February 2020, as the global bank focuses on digital engagement for the majority of banking interactions, in line with customer preference.

"While 95% of Citi's banking interactions have been happening outside of branches for a number of years, our high net worth customers still value face to face interactions. As a result, we've built a tailor-made space where we can deliver a strong level of personal engagement for these clients as we work together to provide investment guidance and manage their wealth," said Gofran Chowdhury.

It is the second Australian wealth hub, following the launch of a Melbourne wealth hub in 2019. Following this launch, Citi saw investment AUM increase by 12% in the Melbourne market. Additionally, if we compare the average transactions from before the launch of the wealth hub to today, we can see the number of transactions have doubled locally in Melbourne.

"Our high net worth clients come to Citi for our global expertise, and access to a wide range of products from traditional fixed income, to high yield fixed income solutions, structured products and more. In today's volatile environment, impacted by both the pandemic and low interest rates, we look forward to helping our clients find yield solutions and both protect, and grow their wealth," Mr Chowdhury concluded.

The announcement comes on the back of strong performance from Citi in 2021 to date, with Citi seeing 11% growth in assets under management from the July 2020 to February 2021, despite the challenges COVID-19 presented during this timeframe.