Citibank International Personal Bank Singapore
TypeSubsidiary of Citigroup
IndustryFinancial Services, Banking
Founded1983; 38 years ago (1983)
Headquarters8 Marina View
Asia Square
Tower 1, #21-00
Singapore 018960, ,
Area served
Worldwide
Key people
Shyam Sambamurthy, Global Head
ProductsLoans, Insurance, Bonds, Wealth Management
ParentCitibank Singapore
Websitewww.ipb.citibank.com.sg

Citibank International Personal Bank (IPB) Singapore is a business unit of Citibank Singapore that specializes in offshore investment and wealth management products and services to high-net-worth individuals residing outside of Singapore. It has 5 booking centers around the world in London, Jersey, Singapore, Hong Kong and the United States. As of 2018, IPB global had a base of about 260,000 clients and managed assets of more than US$60 billion.[1]

History

Citibank is one of the earliest financial institutions in Singapore that is still in operation today.

In 1902 International Banking Corporation becomes the first American bank to open a branch in Singapore. Located at 1 Prince Street, the Singapore branch focused on financing the exports of tin and rubber from the Malayan hinterland.[2]

In 1983 Citi's International Personal Bank (IPB) Singapore was established to meet the offshore banking needs of affluent individuals who reside outside of Singapore.[3]

In 1999 Citibank was among the first four foreign banks to be awarded the Qualifying Full Bank (QFB) license by the Monetary Authority of Singapore (MAS) in 1999.[4]

In 2004 Citibank incorporated the consumer banking business locally, forming Citibank Singapore Limited (CSL), a wholly owned subsidiary of Citi, with a paid-up capital of S$1.5 billion. The QFB license was transferred to the new, locally-incorporated entity.[5]

In 2015 Citibank Singapore listed by Monetary Authority of Singapore in April 2015 as one of the Domestic Systemically Important banks (DSIBs) in Singapore.[6]

In October 2015, Citibank appointed C R Sambamurthy as the first global head for its International Personal Bank business.[7]

In 2016, Citibank launched Total Wealth Advisor (TWA), a goal-based planning tool that tracks and monitors the performance by the success of investments in meeting a client’s personal goals.[8]

Products and services

Citibank IPB Singapore offers a range of banking and investment products and services such as deposit accounts, loans, insurance, bonds and investment funds. Their digital services include desktop and mobile banking, also known as Citibank Online and Citi Mobile respectively.

Wealth Management

"Citigold" offers a premium set of wealth management services to customers with investible assets of at least USD 200,000 (or equivalent).[9] "Citigold Private Client" is intended for high net worth clients with investible assets above USD1 million or more (or equivalent).[10] Citigold Private Client wealth management services include the provision of a dedicated senior Relationship Manager, financial planning and lifestyle privileges.

Online Brokerage

Citibank IPB E-Brokerage provides a Do-it-yourself investing brokerage service.[11] The fee structure is higher compared to Interactive Brokers or Charles Schwab. However when compared to other regional banks, it is at similar levels. [12][13]

References

  1. ^ "Citi appoints first global head for its IPB business". 13 October 2015. Retrieved 29 June 2018.
  2. ^ "Citibank". Retrieved 29 June 2018.
  3. ^ "Citi Appoints 27-Year Veteran As Global Head Of International Personal Bank". 14 October 2015. Retrieved 29 June 2018.
  4. ^ "MAS Announces Results of Foreign Bank Applications Four Foreign Banks named Qualifying Full Banks". Archived from the original on 27 January 2019. Retrieved 29 June 2018.
  5. ^ "BANKING ACT".
  6. ^ "Seven banks here deemed 'systemically important'". 1 May 2015. Retrieved 29 June 2018.
  7. ^ "Citi appoints C.R. 'Shyam' Sambamurthy as global head of International Personal Bank". 13 October 2015. Archived from the original on 27 January 2019. Retrieved 29 June 2018.
  8. ^ "TOTAL WEALTH ADVISER (TWA) BY CITIBANK SINGAPORE". 28 August 2016. Retrieved 29 June 2018.
  9. ^ "Banks looking to attract millennials into premium services". 2 October 2015. Retrieved 29 June 2018.
  10. ^ "Citi Goes After Next Generation" (14 September 2017). Retrieved 29 June 2018.
  11. ^ "Citibank Brokerage Singapore | Citibank Brokerage Account | Singapore Stock Markets". Citibank IPB. Retrieved 2019-01-26.
  12. ^ "Commissions | Interactive Brokers". www.interactivebrokers.com. Retrieved 2019-01-25.
  13. ^ "Pricing". Schwab Brokerage. Retrieved 2019-01-25.