Citi Global Wealth revealed the debut of the ULTIMA Mastercard credit card earlier this month, with a focus on catering to Citi Private Bank clients located across Asia, particularly in Hong Kong and Singapore, which are two of Citi's prominent global wealth centers, according to a press release. This invitation-only card has been introduced to the market against the backdrop of sustained elevated spending by the bank's ultra-high net worth clients, surpassing pre-pandemic benchmarks.
"Citi’s ULTIMA proposition has etched its place as a leading and exclusive credit card for ultra-high net worth clients," Angel Ng, Asia head of Citi Global Wealth, said.
Citi's research conducted across these markets revealed that ultra-high net worth clients aimed to access enriching experiences, especially in travel and wellness, prompting the introduction of the ULTIMA Mastercard credit card. This exclusive offering includes tailored travel and lifestyle encounters, wellness features, along with premium rewards and exclusive benefits, all supported by dedicated Lifestyle Relationship Managers to cater to the evolving preferences of this clientele, the release stated.
“The latest iteration of the card ensures that we continue to stay ahead of our clients’ needs and wants as their spending behaviors evolve. As part of Citi Global Wealth, we are leveraging the full wealth continuum to now include this credit card as part of the product suite for private banking clients in Asia. The partnership between our credit cards and private banking businesses is helping us to unlock new opportunities to expand and deepen our client relationships in the ultra-high net worth segment,” Ng said.
During the first half of this year, Singapore recorded a substantial 56% surge in spending compared to the same period in 2019, while Hong Kong saw a noteworthy 36% increase, with shopping, dining and travel being the dominant expenditure categories, according to a press release.