Citibank will no longer open traditional bank branches in Hong Kong and will focus instead on personal investment service centres, according to a senior bank official.
The giant US banking group yesterday opened its first CitiGold priority banking centre in Pacific Place, its 19th outlet in Hong Kong.
Unlike a conventional bank branch, the centre does not have counters and does not offer traditional banking services such as money transfers between accounts or cashing of cheques.
It instead offers investment services through which investors can buy 400 mutual funds run by 13 independent fund managers, or trade stocks, foreign currency and bonds.
Citibank country business manager Danny Liu said the centre was established in response to growing demand for personalised investment services.
'Customers can conduct many traditional banking services such as the transfer of funds among bank accounts via the Internet or telephone,' Mr Liu said.