Citibank India today announced the launch of a new retail banking platform, Citi Priority, to service the growing base of the aspirational and financially progressive consumers in the country. Citi Priority offers a digital, convenient, simple and efficient banking experience to customers and is backed by a dedicated relationship manager. India is the fifth country in Asia to offer Citi Priority
According to a recent study, a new and robust wealth class emerging globally is the New Wealth Builders (NWB). This base is made up of doctors, lawyers, accountants, investment advisers and global executives, amongst others. The number of NWB households in India is expected to jump by 47.4 percent in 2014 through 2020 to 4.9 million households, each with USD178,000 (approx. INR11.57 million) in projected average financial assets
The sweeping trends of urbanization, digitization and globalization are leading to an expansion of a new economy, consisting of India thriving start-up base and growing e-commerce industry. As this emerging base of wealth grows, the customer demands better control over their finances and time, in order to achieve their future goals. Global travel and lifestyle are also important to this emerging wealth builder and Citi Priority addresses these demands, said Kartik Kaushik, Country Business Manager, Global Consumer Bank, Citibank India.
We will continue to redefine our market propositions based on the emerging market trends and changing demands of our customers, Mr. Kaushik added.
Citi Priority is designed for customers who maintain a relationship value of a minimum INR1.5 million with Citibank. In addition to world-class wealth management services with a unique online Financial Planning Tool and Model Portfolio, clients receive a Citi Priority World Debit Card with MasterCard that offers exclusive global rewards and privileges. Clients also receive the Citibank PremierMiles credit card, Indias most valued travel credit card that earns and burns miles across 100 airlines, will be serviced through the Priority Citiphone Hotline with 24/7 access and receive preferential pricing on Citibank products
A host of Citi Priority Privileges are available with the Citi Priority World Debit Card, including an additional 10 percent discount on Groupon and offers at various e-retailers, 15 percent discount on meet and greet assist at airports worldwide, complimentary lounge access at major airport lounges in India and complimentary golf lessons at leading golf courses in the country
Citibank India serves clients in every segment as they grow in affluence, beginning with the path-breaking salaried proposition (CitiAtWork), the mass affluent (Citibanking), the emerging affluent (Citi Priority), the affluent (Citigold) and the High Net Worth (Citigold Private Client). Citi pioneered the Non-Resident proposition in 1985 to serve the global Indians unique banking and wealth management needs.
India start-up base is the fourth largest in the world and the digital commerce market was valued at INR815.25 billion (USD12.5 billion) by the end of December 2014 and registered a growth of 53% over 2013. The industry is estimated to grow further at a rate of 33% in 2015 .
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: https://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About Citi India:
Citi India offers consumers including Non Resident Indians, corporates and financial institutions, a comprehensive range of financial products and services. These include retail banking, mortgage finance, credit cards, personal loans, corporate and investment banking, foreign exchange, securities brokerage, transaction services and wealth management. Citi India operates 45 retail branches in 28 cities and serves more than 2.3 million customers ranging from Indias top corporate houses, multinationals operating in India, SMEs, self-employed entrepreneurs, households and individuals. Citi India has leading market shares in a number of areas in Indias banking industry, including credit cards, distribution of mutual funds, e-commerce banking, investment banking and foreign exchange. In addition, Citi India through its network of Citi Service Centres has been a leading offshoring unit for Citigroup globally, providing employment opportunities in the areas of technology, processing, analytics and financial processes.
Citi India is also committed to enabling socio-economic progress in the communities where we live and work. Since 1999, Citi Foundation through its partnerships, has helped further the financial inclusion agenda through education, and has created livelihood opportunities for youth and marginalized families in India. In addition, Citi has been committed to preserving India heritage through its programs focused on art and culture. These efforts, over the past 16 years, have benefited more than 2.5 million people across the country. Citi India continues to promote an inclusive and responsible society through its various CSR initiatives.
Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia