Banks Market to Millionaires Only After Condo Management Go-Ahead
International bank marketing can be different. Banks have been homing in on residents who have sold homes through an en bloc sale, a property transaction process which is throwing up a uniquely Singapore species of freshly minted millionaires who are collectively worth billions of dollars.
Marketing to en bloc sellers is usually done at the invitation of the MCST, or the Management Corporation Strata Title, the managing body of the condo, one banker said.
Charles Wong, Citibank Singapore head of retail banking, said the bank works closely with partner agencies to engage with potential customers including those from successful en bloc sales. In the Citigold or Citigold Private Client segment, prospective customers have access to a wide range of wealth management products and services, as well as events such as investment seminars to help them understand market trends and financial outlook, he said.