Riding on the healthier outlook for the global and domestic economies this year, Citibank Singapore is boosting its investments to further expand its distribution network and offer innovations in channels, products and services in Singapore.
In the later part of this year, Citibank is planning to add new functionalities to Citi Mobile to enhance the capabilities of the mobile phone as a payment and transacting channel.
Citibank said that it would introduce new offerings across the suite of unsecured and secured finance, deposits and wealth management products that will be unique and innovative, benefiting customers with a greater array of choice.
The bank is also planning to make investments in technology, specifically, to create a an infrastructure that will translate into a differentiated experience for the customers.
Ramping up its retail presence in Singapore, the bank will add at least four branches and 50 proprietary Citibank ATMs across the island by year-end. It will take Citibank’s branch network here to a minimum of 26, with the number of proprietary ATMs in excess of 220. In total, Citibank will be accessible to customers via more than 1,000 touch-points, including ATMs on the shared ATM5 network and bill payment AXS Stations.
Anil Wadhwani, CEO of Citibank Singapore, said: “With the recovery in the macroeconomic environment and the return of more buoyant consumer sentiment, we see broad-based opportunities to further grow our consumer banking franchise to meet the needs of our customers who are demanding more of our products and services.
“Deepening our investments in Singapore signals our continued commitment to our franchise in Singapore and also reaffirms our ongoing mission to be entrenched as a local bank with an extensive reach for Singapore residents. From the time we articulated our expansion strategy in the heartlands in 2006, our branch and ATM networks in Singapore have almost trebled as at the end of last year. Our emerging affluent customer base has more than doubled in the same period.
“Singapore is a key market for Citibank and our continued investments here demonstrate the importance we place on being the bank of choice for Singapore residents. Providing our customers with accessibility, flexibility and an unparalleled banking experience has been and remains a foremost priority for us.”