Special Report: Global Financial
Crisis
KUALA LUMPUR, Nov. 4 (Xinhua) -- Citibank is
confident of recording double-digit growth in its wealth management service
despite a tough economic condition in Malaysia, its head of segment and
marketing, retail bank, Timothy Johnson said here on Tuesday.
The bank was optimistic of achieving the target with the launch of its
Citigold Global Banking service for clients with cross-border needs here on
Tuesday.
"The service is expected to see a double-digit growth in customer base in
the next 12 months and we expect to beat the industry's expected growth rate of
seven percent this year," he told a media briefing.
The bank has served over 30,000 clients in Malaysia since the introduction
of the service in the country in 1985, he said.
Meanwhile, its country business head for consumer banking, Michellina
Triwardhany, said Malaysian clients were now more affluent.
"I think the creation of wealth is an on-going process. What wesee in the
last five years from 2001-2005 was double-digit growth throughout Asia,
including Malaysia, in terms of the creation of wealth.
"The current financial situation is part of the normal economic cycle and
we expect the wealth preservation as well as wealth creation to become a very
key component for our Malaysian and general customers," she said.
The Citigold Global Banking service would now be available in 31 countries,
she said.
"We started with 16 countries and now we have 31. We will have more than 43
countries by the first quarter of 2009," she said.
The new service is targeted at customers who frequently travel
internationally either for business or pleasure; those who live and work in
other countries; people who have offshore products and service needs; and, those
who have financial interests/business in multiple countries/currencies.
Among the benefits are easy access to open a bank account; immediate access
to a credit card upon arrival across 42 countries globally; emergency cash
withdrawal; and, preferential foreign exchange rate.
