Private banks risk losing the race for wealthy clients before they even come on board: Citi Singapore chief

Citi Singapore's chief banking officer, Lee Lung Nien, warns that private banks risk losing wealthy clients if they continue to face lengthy account opening processes. Lee, who became the first Singaporean appointed to the role in 50 years in 2025, aims to reduce private banking account opening times to within one month by the end of 2026.

He emphasizes the importance of maintaining strong risk management and controls, fostering high morale, and celebrating wins while chasing numbers. Lee highlighted that current delays, which can range from a month to nine months, often frustrate wealthy clients and may drive them to seek services elsewhere. The Private Banking Industry Group (PBIG) account opening working group, chaired by Lee, issued process enhancement tips in May 2026 to speed up private bank account opening while maintaining anti-money laundering and risk management standards.

Success has been achieved, with nearly half of all new accounts opened between June and August 2026 at PBIG member banks, including Citi, being opened within a month. However, Lee notes that striking a balance between risk and reward is crucial, as opening accounts in a matter of days may compromise safety standards.

Brief written by urgent.news from Straits Times Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.