The bank's incoming global chief executive named Singapore as the hub to be trusted and the bank’s choice to set up the world’s largest wealth center.
The decision was not difficult to make given the hub’s current profile, according to Jane Fraser, who spoke on Tuesday at the Singapore FinTech Festival 2020.
The Citi Wealth Hub will occupy a four-floor, 30,000 square foot space based in Singapore’s luxury retail district in Orchard.
Trusted Location
According to the former chief of Citi Private Bank, trust is among the prerequisites for a market to become a legitimate wealth hub.
«It's very important for a wealth center to be one that is truly trusted, and trusted by all the stakeholders,» she explained.
«It is one that a client feels security in placing their wealth, that there are opportunities for a diverse and strong capital market in which they have confidence,» Fraser said.
Hub of Choice
Citi is not alone amongst global banks that have an increasing preference for the city-state as the hub of choice in the region. Deutsche Bank’s Asia CEO Alexander von zur Mühlen was the most recent top executive to select Singapore as its base, a switch from his Hong Kong-based predecessor, joining regional chiefs at UBS and Credit Suisse.
- finews.asia is an official media partner of the Singapore Fintech Festival 2020.
