Citigold is the wealth management Division of Citibank, part of Citigroup. Citigold is a service aimed primarily at individuals who have assets or can invest amounts exceeding USD $100,000 or a similar value in the local currency. Launched in 1984,Citigold has a formidable presence in Asia, Australia and parts of North and South America. Their Effect is felt the most in the Middle East, Far and South East Asia. Services offered by Citibank include:
Deposits with favorable rates
Travel Planning arrangements
Investment strategy and news
Once a customer has agreed to start an account, usually they are assigned a relationship manager to handle their day to day banking needs and periodically update their portfolio holdings.
While similar in some cases to Private Banking services where clients can access a variety of the banks services through their relationship manager such as auto loans, credit cards etc, this wealth management service does not boast the secrecy or the pricing models that private banks have to offer. Additionally, the million dollar commitment is not required and U.S citizens or residents are usually not allowed to invest in their structured products for taxation reasons.
In a bid to try and lure private banking customers to their service, Citigold also has Citigold Select, which is aimed at individuals who can invest in the excess of USD $500,000. Perks are probably the best at the Select level where well heeled customers can expect box seats at the Olympics, Omega Watches, First Class airfare, Safaris and invitation to exclusive concerts for Citibank's best customers.
While Citibank did capitalize on its early mover advantage, other banks have started their own High Net Worth Service to compete with them. Other Notable Competitors (they are known as the big 4 of the wealth management world) include:
ABN Amro's Van Gogh Preferred Banking
Standard Chartered's Priority Banking
HSBC Premier Banking
SCB Priority Banking
ABN Van Gogh