Addressing the need for financial planning priorities for young professional and entrepreneurial customers in Indonesia, U.S. banking giant Citi, has launched Citi Priority in Jakarta.
The bank believes that the new Citi Priority offering will cement Citi Indonesia's position as the leading provider of banking services in this segment. It could be a shrewd move as wealth accumulation gathers pace in the country.
The Citi Priority banking service is intended for clients who have investable amounts of three hundred million rupiah or more. Citi Priority features access to a team of personal bankers, digital and global banking, and appreciation and digital rewards.
Consumption to Outrank Japan
Data from the World Bank indicates that the growth of the middle class in developing countries, especially in Asia, is playing a very important role in terms of the growth of the global economy.
As to Middle Class Consumption, Indonesia's name did not appear in the list of Top 10 Country spenders seven years ago, in 2009. However, four years from now in 2020, Indonesia is projected to occupy 8th position on this list, replacing Italy, and is expected to rise even further in the ranks by 2030, to 4th position replacing Japan.
Growing Middle Class
«The growing middle class in Asia, including in Indonesia, is allowing Citi to expand our portfolio of banking services while continuing to provide the best quality for our customers, especially young professionals and entrepreneurs,» said Batara Sianturi CEO of Citi Indonesia.
