news – and press blog

Citi makes the world smaller for affluent consumers
New service offers pre-arrival bank accounts, credit cards in 16 markets
A new service making it easier for affluent consumers and their families to open bank accounts and obtain credit facilities before they even arrive in their destination country has been launched by Citi simultaneously in 16 markets(1) around the world, including the UK.

With six out of 10 Citi accounts in the UK being opened by foreign nationals, the bank is well placed to offer Citigold Global Banking. This new premium personal banking and wealth management service for the growing population of time hungry executive travellers, expatriates, investors and others with financial interests in more than one country.

More and more people are demanding multi-currency bank accounts and local investment opportunities to diversify their finances geographically, according to the bank, with $7 trillion of wealth held offshore, growing at 11% a year(2). Asset allocation is shifting internationally and becoming decreasingly domestic – for example in 2006, 73% of North American high net worth individuals’ assets were held domestically compared to 78% in the prior year(3), says the bank.

Citigold Global Banking combines the global account opening services with Citi’s existing Citigold facilities and packages them into a premium global offering. Customers can now transport their credit history to open bank accounts in a country before arriving, open a credit card account in a destination country with immediate access to credit upon arrival and dial one number from anywhere in the world to reach a Citi customer service representative.

Account holders also receive additional benefits, including wealth management and offshore banking, access to 574 Citigold lounges and their business amenities in 36 countries, US$10,000 or equivalent emergency cash from their accounts at any of the more than 4000 Citibank branches in 43 countries around the world, (subject to proper verification), and can instantly transfer fee-free money between Citi accounts in 27 different countries(4).

Bert Pijls, Business Manager, Citi’s UK Consumer business, said: “With the launch of this new service we are offering private banking type services to a wider and growing market of people with lives in more than one country. We continue to harness Citi’s global presence and scale to make life easier and better for customers as they travel the world for business or pleasure in a way that few other banks can match.”

Dedicated Citigold Global Banking staff will work with customers help them manage their finances and account opening while complying with local regulations and privacy laws. Available are single and multi currency banking products, investment services, funds transfers, offshore banking services and Citi credit cards and concierge services.

The bank plans to expand Citigold Global Banking in the UK to include new services such as access to events; priority pass for airport lounges, emergency healthcare in early 2009.

Citi pioneered the use of mobile credit with the provision of credit transportability on arrival in the destination country in the US, the UK and Singapore in March 2007.

For more information on Citigold Global Banking visit http://www.citigold.info or http://www.citigold.co.uk.

Notes to editors
(1) The countries and markets are:

USA, Mexico, Brazil, UK, Belgium, Spain, Germany, Poland, India, Singapore, Australia, China, Hong Kong, Korea, Taiwan, Japan

(2) BCG Report, Global Wealth 2007, Tapping Human Assets to Sustain Growth (p8)

(3) Merrill Lynch, Capgemini, World Wealth Report 2007 (p16-17)

(4) Citibank exchange rates apply to transfers across currencies.

About Citi and Egg

Find out more about Citi and Egg’s wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at http://www.citibank.co.uk/?merchant=citi and http://www.egg.com.

About Citi

Citi, one of the leading global financial services companies, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at http://www.citigroup.com or http://www.citi.com.

http://financial.e-klasa.info/2009/03/05/citi-makes-the-world-smaller-for-affluent-consumers/