Citi Expands Retail Branch Network In Hong Kong

Published: 03-Feb-2010

Citigroup has opened six full-service retail branches in Hong Kong, including one new branch and other five branches that were upgraded from personal lending services to offer full-banking services.

All six branches offer a full range of retail banking, personal lending and wealth management services. With this expansion Citibank's retail network in Hong Kong reaches to 32 branches.

In addition, Citibank Hong Kong plans to launch a range of new services and products designed to help clients grow their wealth, beginning in February 2010. These include a new deposit product called 'Step-Up Interest Account' and permanent wavier of monthly custodian service charge (for both HK and US securities) and deposit of securities fee.

Vikram Pandit, CEO of Citigroup, said: “Hong Kong is an important market for Citigroup globally and we are proud of our more than 108-year history in the territory. We remain fully committed to the local market and will continue to grow our presence and make it easier and more convenient for our customers to access our world-class suite of retail and wealth management products and services.”

Weber Lo, CEO and country business manager of global consumer group at Citibank Hong Kong, said: “In 2010, we will strengthen our value proposition and service offerings for our well-established wealth management and credit card businesses, maximize the value of our branch network, continue innovating our products and services by investing into our technology platforms.”

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