Citibank will close its last branch in Singapore as part of a broader shift in its client servicing model.
Citibank will close its last branch in Singapore on October 12, according to a «Straits Times» report citing an email to customers.
«[The closure is in line with the bank’s strategy to] evolve our physical locations from transactional branches to three wealth management centers,» a spokesperson said, adding that only 2 percent of transactions are conducted at the branch in person. «At the same time, we have invested in our digital banking infrastructure so that nearly all daily transactions can now be done on the Citi Mobile App.»
Wealth Centers
Citi currently has three wealth centers in Singapore, after opening the latest one in Holland Village in early 2024. The city-state is one of the bank’s four global wealth hubs, alongside Hong Kong, UAE and London.
The wealth centers mainly serve customers from Citigold and Citigold Private Client who have minimum assets of S$250,000 ($195,000) and S$1.5 million, respectively.
