Citi Global Wealth rolls out ULTIMA credit card for affluent clients in Asia

By Gloria Mathias

Citi Global Wealth unveiled the ULTIMA Mastercard credit card earlier this week, targeting Citi Private Bank clients across Asia, including Hong Kong and Singapore, two of Citi’s four global wealth hubs.

The by-invitation-only card comes to market as spending by the bank’s ultra-high-net-worth clients continues to outpace pre-pandemic levels. Across markets, shopping, dining, and travel were leading spending categories.

Angel Ng, Asia Head of Citi Global Wealth said, “Citi’s ULTIMA proposition has etched its place as a leading and exclusive credit card for ultra-high net worth clients. 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.”

ULTIMA Mastercard was introduced to selected clients at a ‘Citi ULTIMA Gala Dinner’ at the Rosewood Hotel in Hong Kong. Attendants enjoyed exclusive experiences showcased at the event, including an interactive digital art gallery and an immersive experience that brought clients to select natural wonders worldwide.

“The Asia Pacific region has experienced a strong and sustained economic recovery post-pandemic. It is now home to 30% of the world’s ultra-high-net-worth population and in recent years has seen the affluent segment in Singapore and Hong Kong expand,” said Jason Lane, Executive Vice President, Global Account Management, Mastercard.

“Mastercard is delighted to extend its long-standing partnership with Citi to launch the enhanced ULTIMA card. It meets the needs of Citi’s ultra-high-net-worth customers and leverages the Mastercard Priceless Experiences Program, designed to give cardholders special access to unforgettable experiences tailored to their individual desires,” noted Lane.