MANILA, Philippines - More than being the largest city in terms of land area, Davao City is touted as one of the most progressive economic centers in Mindanao. Its favorable year-round climate, abundant natural resources, and picturesque tourist attractions are accessible through an international airport, while a busy seaport remains an active cargo hub in the region. Add all of this to an enviably low crime rate, and it is not surprising why the city has become a key choice for investors and businessmen alike. Nowadays, Davao is no longer known just as the source of the rich but strongly scented durian fruit. The area teems with countless pecuniary opportunities, so that investment- savvy residents continue to reap impressive financial gains.
Recognizing the heightened banking requirements in the area, Citibank recently introduced Citigold, its award-winning wealth-management banking service there. The Davao Citigold office is the first Philippine center outside Metro Manila.
“We’re responding to the growing needs of our clientele and reaching out to more customers in the provinces,” said Citi country head Sanjiv Vohra at the opening of the center. “It’s perfect that we are coming in when investment opportunities are ample. Citigold is one of the most successful brands of Citi in Asia-Pacific, where we are acknowledged as the financial partner of choice by the affluent market. We are confident that with our clients’ loyal support, we can replicate that success here in Davao — for us, a key area of growth. It has taken a year of careful preparation to bring this iconic brand to Mindanao.”
What are the benefits of a Citigold account? “When we open a Citigold center, we’re opening a world of experience for our customers,” explains Tonet Itchon, Citibank Savings president. With a minimum P4 million placement come the benefits of international banking services, global investments and worldwide privileges. In addition, Citigold members can rely on the expertise of a wealth-management team that is dedicated to helping clients manage their portfolio and reach their financial objectives.
The team consists of a relationship manager (RM) who takes the lead in the team’s effort to help clients in managing their financial portfolio better; a Citigold associate (CA) to assist in day-to-day banking transactions and respond to requests when the RM is not available or cannot be reached; and an investment specialist who will help clients identify and choose from a range of investment tools and products suitable to their particular needs, risk profile and time horizon. Completing the team is a Citigold teller (CT) who will assist and process the client’s branch transactions such as cash deposits, withdrawals, check encashments, fund transfers and applications for manager’s checks.
Apart from access to best-in-class wealth planning and world-class products and services to help them find the right financial product suited to their needs, a Citigold account provides access to relevant and timely research and analysis on global markets from Citi’s pool of financial specialists around the globe; and offshore referral service to give them access to products and services that are exclusively available through Citi’s global affiliates. Simply put, a Citigold account allows your money to grow while you enjoy convenient access to it 24/7, wherever you are in the world.
“The competence, expertise and training of the wealth-management team gives them the ability to drive intimate conversations with clients,” says Citigold wealth management director Judith Go. “We will continue to assist our clients in taking advantage of market opportunities and assist them in their banking needs.”
But does Davao have the numbers to warrant a Citigold center? Certainly. Tonet Itchon says that Citibank Savings Davao branch manager Mito Aviles, who has contributed to the establishment of a Citigold center in the city, has consequently been promoted as vice president of Citibank.
The inauguration of the Citigold Center on JP Rizal Street was followed by a simple turnover ceremony for Citi’s school desks donation to Matina Aplaya Elementary School and Mabini National High School in Davao City.
“We only saw it fitting that we extend our commitment to the community,” says Sanjiv Vohra. “We are expanding our footprint in Mindanao, not just business-wise. Creating conducive environments is needed for meaningful learning to occur.”
Thus, Citibank continues to support former President Corazon Aquino’s School Desks program, an advocacy that the late president initiated to address the lack of chairs in most public schools. Through Philippine Business for Social Progress, Citibank has donated a total of 8,691 chairs to 35 schools around the country. Seven of these schools are located in Mindanao, particularly in Maguindanao, Lanao Sur, Sulu, Basilan, Tawitawi and Sarangani.
Matina Aplaya Elementary School, one of two recent beneficiaries, caters to the educational needs of schoolchildren from mostly poor families in the barangay and its neighboring areas. Some of them are indigenous children belonging to the Sama Badjau tribe who reside in the shoreline area of Matina Aplaya.