Friday, 16 Apr 2021 04:31 PM MYT
MIDF Amanah Investment Bank Bhd head of research Imran Yassin Md Yusof said Citigroup’s move is more of an isolated case and due to the overall strategy that the group is taking rather than any sort of an industry trend. Citigroup in a statement yesterday announced strategic actions to double down on wealth management and will operate the consumer banking franchise in Asia and Europe, the Middle East and Africa solely from four wealth centres including Singapore, Hong Kong, the United Arab Emirates, and London.
“That way, banks are able to offer tailor-made products based on the customers’ needs which in this case is wealth management,” he opined.
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