CitiGold schemes target Surat diamond industry

Citibank India, which inaugurated its first full-service branch in Surat on Tuesday, plans to target the cash-rich textile and diamond industry with its CitiGold wealth management services.

"Wealth management and investment products are the two services on which we will concentrate in Surat," Sanjay Nayar, Citigroup country officer of India and area head of Sri Lanka and Bangladesh, said.

The Surat branch is the bank's 25th branch in the country and the third in Gujarat. The fully automated branch brings the best of global banking technology to Surat and delivers round-the-clock modern banking services to individual customers and corporates. "We came late to Surat because we got the license late," he said.

Nayar said the CitiGold wealth management platform provides highly personalised services. It has a dedicated CitiGold relationship manager who is supported by a team of investment, insurance and treasury specialists. These use the proprietary wealth management software - CitiGold Wealth Planner - to provide customised financial plans.

In addition, the CitiGold platform offers several complimentary services. These include a free for life Citibank International Gold Credit Card, a complimentary photo debit card, free insurance cover of up to Rs 30 lakh and many modern day amenities including ATMs.

Inaugurating the branch, Nayar said: "We're happy to move closer to our clients "" both corporate and retail "" in Surat". According to him, Citibank has over the years built a strong customer franchise in Surat.

"There had been a growing demand for a full service outlet that caters to a wider set of financial needs of customers. We can now extend our range of products and personalised services to both retail customers and corporate clients," Nayar said.

The bank also plans to approach the multi million dollar diamond cutting and polishing industry with its CitiBusiness scheme, which adopts an "industry segment approach."

"CitiBusiness helps us understand customer needs better," Nayar said. "Dealing with people in the diamonds industry is a new experience. But we are ready to explore new avenues," he added.

"With our first full service branch in Surat we can offer customers greater financial value and convenience by providing cutting edge, world class products at their doorsteps," Sarvesh Sarup, country business manager, global consumer group, Citigroup India, said.

Sarup said CitiBank aims to top the list of credit card providers. "We have already entered into deals with 32 different companies for providing specific need-based credit cards", he said. Even without a full-fledged branch in Surat, CitiBank has generated business of Rs 25 crore in Surat and has extended over 300 loans.

I Love Surat campaign

Citibank has also started a "I Love Surat" campaign which will offer several privileges to the bank's customers. They can enjoy discounts on purchases at over 50 shopping outlets and restaurants. Customers can also participate in Citibank "I Love Surat" slogan contests and win exiciting prizes.