(Singapore, 26th) Citibank will close its branch in Jurong East, Singapore, and the Citigold Centre located at 21 Jurong Gateway Road, on October 12.
In an email sent on Wednesday (25th), Citibank stated that more and more customers are using digital, online, and self-service platforms for their banking needs. All ATMs, cash deposit machines, and express cheque deposit services at the Jurong East branch will cease to operate, but these services will still be available at other locations within the country.
Brendan Carney, CEO of Citibank Singapore, previously revealed that over 80% of common transactions are completed via mobile or online platforms, compared to 65% five years ago. Only about 2% of transactions are done in person at branches, a two-percentage-point drop from five years ago. These in-person transactions primarily involve opening or closing joint accounts, managing children’s accounts, closing accounts for deceased individuals, and verifying lasting power of attorney documents.
Citibank once had 15 branches in Singapore mainly handling banking transactions. However, following a strategic shift to focus on wealth management, the bank now operates three wealth management centers in Singapore, located at Orchard Road, Parkway Parade, and Holland Village. The wealth center at Orchard Road, established in 2020, is the bank’s largest wealth center globally.
A Citibank spokesperson said, “We have invested in digital banking infrastructure, so almost all everyday transactions can now be completed through the Citibank mobile app.”
Singapore is one of Citibank’s four global wealth hubs, with the other three being Hong Kong, London, and the UAE. Three years ago, Citibank announced its exit from retail banking in 13 markets across Asia, Europe, and the Middle East, continuing to focus on strengthening consumer and wealth management, as well as institutional banking, in the region through Singapore.
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