CITIBANK will close its last branch in Singapore as it focuses on serving customers online and advising affluent clients at its wealth hubs.
The US bank will on Oct 12 shutter its Jurong East branch and Citigold Centre in the CPF Jurong building at 21 Jurong Gateway.
The move comes amid higher adoption of digital, online and self-service platforms for banking activities, it told customers via e-mail on Sep 25.
All automated teller machines, cash deposit machines and express cheque deposit services at the Jurong East branch will no longer be available, said the bank, which continues to offer these services at other locations in Singapore.
Citibank Singapore chief executive officer Brendan Carney had told The Straits Times (ST) previously that the lender planned to close its remaining branches where customers carry out simple transactions like depositing cash. The bank had 15 such branches in 2019.
A Citi Singapore spokesperson said on Sep 25 that the closure of the last branch is in line with the bank’s strategy to “evolve our physical locations from transactional branches to three wealth management centres”.
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“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,” the spokesperson told ST.
Only 2 per cent of transactions are done in person at the branch, the spokesperson added.
Customers may visit the bank’s wealth centres for a range of in-person services, the spokesperson said. These services include the opening and closure of joint and junior accounts, closure of accounts for the deceased, as well as client attestation for lasting power of attorney.
Citi currently has three wealth centres in Singapore, which is one of Citi’s four global wealth hubs, along with Hong Kong, the United Arab Emirates and London.
The bank unveiled its flagship hub at 268 Orchard Road in December 2020, followed by facilities at Parkway Parade in December 2023 and in Holland Village in early 2024.
These places cater mainly to Citigold clients with assets of at least S$250,000 and Citigold Private Client customers, who have investible assets of S$1.5 million.
The wealth hubs, in contrast to branches, provide space for clients and relationship managers to discuss portfolios while also allowing them to tap the expertise of product specialists, said Carney in an interview in October 2023.
Most basic transactions now take place through the bank’s app, with nearly 90 per cent of customers using the platform on a monthly basis, he noted.
Citi began operations in Singapore in 1902, with its first branch at 1 Prince Street.
One of the largest foreign banks in Singapore and wealth managers in Asia, it has been intensifying efforts to grow its wealth business. In early 2023, it announced plans to triple assets under management here and increase its wealth client base by 2½ times by 2025.
The bank is also a major credit card issuer. About S$1 out of every S$5 of card spend in Singapore is paid with a Citi product. THE STRAITS TIMES
