SINGAPORE – Citibank will close its last branch in Singapore as it focuses on serving customers online and advising affluent clients at its wealth hubs.
The US bank will on Oct 12 shutter its Jurong East branch and Citigold Centre at the CPF Jurong building at 21 Jurong Gateway.
The move comes amid higher adoption of digital, online and self-service platforms for banking activities, it told customers via e-mail on Sept 25.
All automated teller machines, cash deposit machines and express cheque deposit services at the Jurong East branch will no longer be available, said the bank, which continues to offer these services at other locations across the island.
It added that customers may visit its wealth centres when they require services that can be performed only in-person – specifically, opening joint accounts, encashing cheques, issuing a cashier’s order, and settling power of attorney and lasting power of attorney matters.
The Straits Times has contacted the bank for more information.
Citibank Singapore chief executive officer Brendan Carney had told ST previously that the lender planned to close its remaining branches where customers carry out simple transactions like depositing cash. The bank had 15 such branches in 2019.
Citi currently has three wealth centres in Singapore, which is one of Citi’s four global wealth hubs, along with Hong Kong, the United Arab Emirates and London.
The bank unveiled its flagship hub at 268 Orchard Road in December 2020, followed by facilities at Parkway Parade in December 2023 and in Holland Village in early 2024.
These places cater to Citigold clients with assets of at least $250,000 and Citigold Private Client customers, who have investible assets of $1.5 million.
The wealth hubs, in contrast to branches, provide space for clients and relationship managers to discuss