The bank commissioned an in-house study which showed there is an emerging class of wealth builders globally and India is witnessing the fastest growth in this class, Citi's country business manager in the global consumer bank, Kartik Kaushik, told reporters here.
He said this segment has peculiar banking needs for saving, wealth management, international travel and lifestyle, and Citi launched its new offering 'Citi Priority' seeking to address the same.
The service comes free for the consumers if they maintain a 'relationship value', which includes savings, credit cards, mortgages, travel bookings, etc of Rs 15 lakh per year, he said, adding that fees set in if the value falls below the level.
India is the fifth market globally where 'Priority' has been launched and there are six more geographies where it will be launched soon, he said.
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Kaushik said the larger focus of the bank is to expand Citi's 'share of wallet' and not on acquiring customers. He said he expects ten per cent of the individual account holders to sign up for the new offering, but declined to give the overall base.
He exuded confidence that shifting from a current perspective of selling multiple products to a single customer, to giving a single offering to a customer for free, will not hurt its revenues in the long term as the volume of transactions grows.