The Citigold clients are affluent individuals with investible assets of $200,000 (£155,000, €175,000) and above.
Located in Najda Street, Abu Dhabi, the Citigold Lounge covers close to 2,700 sq ft and is equipped with private meeting rooms, three ATMs, as well as facilities to host client events and investment research updates.
Bank of Singapore the eighth largest private bank in Asia (ex-China), based on assets under management, which opened its Dubai branch in February 2017 already has 45 wealth managers there.
The company in the first half of this year was on the brink, having lost a string of executives, relationship managers and – as a consequence – assets under management.
The institution was established in 2008 to promote exchanges and cooperation in business, culture, education, civil dialogue and diplomacy.
DBS plans to expand in the Middle East by doubling the number of private bankers there over the next five years, from more than 20 now, the bank said.