14matters on the record across its booking centres, 2014 to 2025
2.0/578 UHNW client ratings across its booking centres
The editor's opinion
Why Citi Private Bank rates 1.4 out of 5
Citi Private Bank rates 1.4 out of 5. The figure combines the ratings of its four rated booking centres (the United States, one star; Switzerland, four stars; Hong Kong, one star; Singapore, one star), each weighted by the number of UHNW client ratings it has received, so a centre where more families bank counts for more. Switzerland is the strongest at four stars; the United States, Hong Kong and Singapore are the weakest at one star. Its booking entities carry 14 matters on the record, the most recent in 2025; each is listed below with the centre it concerns. Across its booking centres, 78 UHNW client ratings average 2.0 out of 5.
Noam Cohen, Editor, Bank IntelligenceReviewed 6 November 2026, Q4 2026 edition. Each booking centre is rated on its own file, from the public record and what clients and their advisers tell us in confidence. The overall rating brings those ratings together; retail products, branches and apps play no part.
Where Citi Private Bank stands out
Custody assets are protected by statute in the booking centre, with conditions a family should read. United States, Switzerland and Hong Kong
Deposits are covered by a statutory protection scheme. United States, Switzerland and Singapore
A broad range of private banking services is published for this booking unit. United States, Switzerland and Singapore
Most fees are published. United States and Singapore
Ownership and control are fully public. All centres
No final adverse finding against this licence holder in ten years of regulatory and court records. Switzerland
No politically exposed person holds a significant stake. Hong Kong and Singapore
What to weigh
Serious adverse findings against this licence holder in the last ten years. United States, Hong Kong and Singapore
The same kind of failure has recurred. United States, Hong Kong and Singapore
The last adverse finding is recent. United States, Hong Kong and Singapore
United States, Hong Kong and Singapore
Only a summary of the custody terms is public. United States and Switzerland
Whether independent asset managers are served by a dedicated desk is not published. United States and Switzerland
Only part of the tariff is published. Switzerland
The policy on payments to and from third parties is not published. Switzerland
Only part of the private banking range is published for this booking unit. Hong Kong
Deposit protection for this booking unit is not confirmed in the documents on file. Hong Kong
The custody terms are public but silent on re-use of assets and on sub-custodians. Singapore
How the law here would protect custody assets if the bank failed is not yet documented in this file. Singapore
United States · Citibank, N.A.27 client ratings · 35% of the weight
Switzerland · Citibank (Switzerland) AG11 client ratings · 14% of the weight
Hong Kong · Citibank, N.A., Hong Kong Branch23 client ratings · 29% of the weight
Singapore · Citibank, N.A., Singapore Branch17 client ratings · 22% of the weight
PPLI.com rating, weighted across the centres1.4
Each booking centre keeps its own rating, set on its own file. The overall rating is the average of those ratings, weighted by the number of UHNW client ratings each centre has received. A centre whose rating is still in preparation is shown but not counted.
The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the bank, not a credit rating, not a forecast of failure and not investment advice.
The booking centres
Citi Private Bank in 4 booking centres
Each booking centre is a separate legal entity, with its own licence, deposit protection, services and fees, and keeps its own PPLI.com rating. Everything on file for them is brought together on this page; open a centre for its own file.
What regulators, prosecutors and courts have decided against the booking entities of Citi Private Bank, gathered from the files of all its booking centres, with the status, the amounts as published and a link to the original document. Each entry names the centre it concerns. Claims and investigations still under way are marked as open.
20254 July 2025
Composition penalty for AML/CFT breaches found in examinations after the 2023 money laundering case
MAS imposed composition penalties totalling S$2.6 million on Citibank N.A. Singapore and Citibank Singapore Limited, named together as 'Citi'; the release does not split the amount between the two entities. MAS named Citi among FIs with inadequate customer risk assessment, inadequate follow-up on source of wealth discrepancies, and inadequate review of flagged transactions.
Consent order over credit card discrimination against applicants of Armenian origin
The CFPB found that Citibank, N.A. intentionally discriminated against credit card applicants it believed to be of Armenian national origin between 2015 and 2021 and gave them inaccurate reasons for denials, and on 8 November 2023 ordered a civil money penalty of USD 24.5 million and USD 1.4 million of redress (2023-CFPB-0013).
Respondent must pay a civil money penalty of $24,500,000 to the Bureau.
The CFPB terminated the order in October 2025 after the penalty and redress were paid; the decision remains part of the record.
Composition penalty for AML/CFT breaches identified in examinations after the Wirecard irregularities
MAS imposed a S$400,000 composition penalty on Citibank N.A., Singapore Branch for breaches from September 2019 to June 2020 involving two corporate customers, including failure to understand control structures, identify beneficial owners and inquire into unusually large transactions. This matter concerns the US bank's branch, not Citibank Singapore Limited.
MAS has imposed a composition penalty of S$400,000 on Citibank
Civil money penalty and cease and desist order: risk management, data governance and internal controls
The OCC assessed a USD 400 million civil money penalty against Citibank, N.A. and issued a cease and desist order requiring improvements in risk management, data governance and internal controls, including OCC non-objection before significant new acquisitions. The Federal Reserve issued a parallel cease and desist order against Citigroup Inc. the same day with no penalty.
The Office of the Comptroller of the Currency (OCC) today assessed a $400 million civil money penalty against Citibank, N.A
The OCC amended this order in July 2024 and terminated the amendment on 11 December 2025 (AA-ENF-2025-64); that termination does not end the 2020 consent order.
Civil money penalty for late flood insurance on mortgage loans
The OCC assessed a civil money penalty of about USD 18 million against Citibank, N.A. on 17 January 2020 for a pattern or practice of violations of the flood insurance rules, including late force-placement of flood insurance on loans in designated areas since at least 2014 (AA-EC-2019-91).
The Bank shall make payment of a civil money penalty in the total amount of
PRA final notice: failings in regulatory reporting governance and controls
The PRA imposed a combined penalty of GBP 43.9 million on three Citi UK entities, including Citibank N.A. London branch, because internal controls and governance over UK regulatory reporting were not designed, implemented or operating effectively between 19 June 2014 and 31 December 2018. A 30% settlement discount applied (GBP 62.7 million before discount). The joint penalty cannot be apportioned to the London branch from the release.
Citibank N.A. London branch (CBNA London) and Citibank Europe Plc UK branch (CEP UK) (Citi) of £43.9 million
Civil money penalty for holding foreclosed property beyond the legal limit
The OCC assessed a civil money penalty of USD 30 million against Citibank, N.A. on 11 October 2019 for repeatedly holding foreclosed real estate beyond the statutory holding period between April 2017 and August 2019 (AA-EC-2019-67).
The Bank shall make payment of a civil money penalty in the total amount of thirty million dollars ($30,000,000)
Civil money penalty for discriminatory pricing in a mortgage discount programme
The OCC found Fair Housing Act violations in Citibank, N.A.'s Relationship Loan Pricing mortgage discount programme, where discounts were not applied evenly by race, colour, national origin and sex, and on 19 March 2019 assessed a civil money penalty of USD 25 million (AA-EC-2019-8).
The Bank shall make payment of a civil money penalty in the total amount of twenty-five million ($25,000,000)
Order over American depositary receipts released without the underlying shares
The SEC found that Citibank, N.A., as depositary, negligently pre-released American depositary receipts to brokers without ensuring they owned the underlying shares, and on 7 November 2018 ordered disgorgement of about USD 20.9 million and a penalty of about USD 13.6 million (Securities Act Release No. 10571).
Citibank shall, within thirty (30) days of the entry of this Order, pay disgorgement of $20,903,858.25
Consent order over credit card interest rates not reassessed and reduced
The CFPB found that Citibank, N.A. failed to reassess and reduce the annual percentage rates on about 1.75 million credit card accounts as the Truth in Lending Act requires, and on 29 June 2018 ordered restitution of USD 335 million to affected customers (2018-BCFP-0003). No civil money penalty was imposed.
Respondent must reserve or deposit into a segregated deposit account an amount not less than $335 million
Civil money penalty for failing to comply with the 2012 anti-money laundering order
The OCC assessed a civil money penalty of USD 70 million against Citibank, N.A. on 27 December 2017 for failing to comply with the OCC's 2012 consent order on Bank Secrecy Act and anti-money laundering compliance, including correspondent banking requirements (AA-EC-2017-71).
The Bank shall make payment of a civil money penalty in the total amount of seventy million dollars ($70,000,000)
Consent order over student loan servicing failures
The CFPB found that Citibank, N.A. misled student loan borrowers about the tax deductibility of interest, wrongly ended deferments and misapplied payments, and on 21 November 2017 ordered a civil money penalty of USD 2.75 million and USD 3.75 million of redress (2017-CFPB-0021).
Respondent must pay a civil money penalty of $2.75 million to the Bureau.
Civil money penalty for a pattern of flood insurance violations
The OCC assessed a civil money penalty of USD 452,000 against Citibank, N.A. on 10 October 2017 for a pattern or practice of violations of the Flood Disaster Protection Act, including at its operating subsidiary CitiMortgage, Inc. (AA-EC-2017-36).
shall pay a civil monetary penalty in the amount of four hundred fifty-two thousand dollars ($452,000.00)
Final notice: failings in G10 spot FX trading controls (five-bank settlement)
The FCA fined Citibank N.A. GBP 225,575,000 (USD 358 million) for failing to control business practices on its London G10 spot FX voice trading desk between 1 January 2008 and 15 October 2013, after a 30% discount. Parallel CFTC and OCC penalties (OCC USD 700 million across Citibank and JPMorgan, according to the FCA) are separate and not additive here.
Reprimand and HK$348.25 million fine for mislabelled indications of interest and misrepresentations to institutional clients in facilitation trades (2008 to 2018)
The SFC found that CGMAL's trading desks sent mislabelled IOIs and made misrepresentations to institutional clients when executing facilitation trades, conduct it described as dishonest and intentional. CGMAL is Citigroup's Hong Kong securities firm, not Citibank (Hong Kong) Limited or the Citibank, N.A. branch. Recorded for context only.
Shown for context only: it concerns a different company in the same group.
The SFC has reprimanded and fined Citigroup Global Markets Asia Limited (CGMAL) $348.25 million
What clients meet at Citi Private Bank across its booking centres, read from complaint registers, ombudsman decisions and court records, independent reporting and what clients and their advisers tell PPLI.com in confidence. Announcements by the bank, awards and marketing material are left out.
UHNW client ratings
2.0 out of 5, based on 78 client ratings across its booking centres.
United States1.2 out of 527 ratings
Switzerland3.9 out of 511 ratings
Hong Kong1.7 out of 523 ratings
Singapore2.4 out of 517 ratings
What clients report
United States. The CFPB Consumer Complaint Database has recorded 145,030 complaints against Citibank, N.A. up to 6 November 2026. The count covers all customers of the national bank, most of them retail, and is not specific to the private bank. The regulatory actions against the bank in recent years concern risk management, data governance and internal controls.
Switzerland. The Swiss Banking Ombudsman publishes no figures by bank, so no complaints register shows numbers for Citibank (Switzerland) AG. The CFPB complaints database covers customers of Citi's US national bank, mostly retail, and not the Swiss bank.
Hong Kong. The matters that bear on clients are US supervisory actions on the bank's risk management and data controls, chiefly the OCC cease and desist order of October 2020, which remains in force.
Singapore. The two client claims with published outcomes both failed. In Hong Kong the Court of Appeal on 9 September 2022 upheld the dismissal of Shine Grace Investment Ltd's mis-selling claims over nine equity accumulators against Citibank, N.A., finding no duty to advise on suitability, according to a Gibson Dunn client alert. In Singapore the High Court on 12 May 2022 dismissed all claims, about USD 12.5 million of investment losses, in Wang Fumin v Citibank Singapore Ltd, a case against the separate Citigroup subsidiary Citibank Singapore Limited.
Worth raising with the bank
United States. Ask whether the OCC's 2020 cease and desist order on risk management and data governance, amended with a civil money penalty in July 2024, still restricts the bank's activities, and when the bank expects it to be lifted.
Hong Kong. Ask whether the OCC order of October 2020, still in force after the July 2024 penalties for slow progress on data quality, affects any service booked through the Hong Kong branch, and when the bank expects it to be lifted.
Hong Kong. Ask whether the anti-money laundering findings behind the July 2025 MAS penalty on the Singapore branch, part of the same legal entity, led to changes in source-of-wealth checks for clients booked in Hong Kong.
Singapore. Ask what changed in source-of-wealth checks and in the review of flagged transactions after the MAS penalty of July 2025 on the branch and Citibank Singapore Limited.
Singapore. Ask which remediation milestones under the 2020 OCC order are still outstanding after the July 2024 penalty, and whether any of them affect the Singapore branch.
Financial standing
Credit ratings published by the agencies for the companies named in the centre files, dated by the latest agency or bank document that confirms them
Private Banker International reported SGD 2.6 million in MAS composition penalties on Citibank N.A. Singapore and Citibank Singapore, part of SGD 27.45 million imposed on nine institutions after the money laundering case of August 2023.
The OCC fined Citibank, N.A. USD 75 million and the Federal Reserve fined Citigroup Inc. USD 60.6 million for insufficient progress on data quality and risk management, about USD 135.6 million in total.
The Hong Kong Court of Appeal upheld the dismissal of Shine Grace Investment Ltd's accumulator mis-selling claims against Citibank, N.A., finding no duty to advise on suitability.
What it costs
What Citi Private Bank charges, centre by centre
Fees are set by each booking entity, so they are shown centre by centre. Four of the four centres of Citi Private Bank publish a fee schedule, read on 6 November 2026 from the documents linked under each table. To compare banks fairly we put every published fee in US dollars at the same indicative rates and apply it to the same reference amounts, then rate each fee against the average of the other banks that publish it. Five stars is the lowest fee, one star the highest. Terms a family actually negotiates are often different, and a bank can change its schedule at any time.
The published fees side by side
Fee
United States
Switzerland
Hong Kong
Singapore
Other banks
Discretionary mandateeffective rate on USD 12.5 million, balanced profile
2.00% a year
Not in the schedule
Not in the schedule
Not in the schedule
1.20% a yearaverage of 25 other banks
Advisory mandateeffective rate on USD 12.5 million
2.00% a year
Not in the schedule
Not in the schedule
Not in the schedule
0.88% a yearaverage of 21 other banks
Equity tradecommission on a USD 250,000 trade, major exchange
1.00%
Not in the schedule
1.00%
0.12%
0.80%average of 47 other banks
Bond tradecommission on a USD 500,000 trade
2.00%
Not in the schedule
Not in the schedule
Not in the schedule
0.92%average of 42 other banks
Currency conversionmargin on a USD 1 million spot conversion
1.50%
Not in the schedule
Not in the schedule
Not in the schedule
0.69%average of 30 other banks
Transfer of securities to another bankper position
USD 95
Not in the schedule
Not in the schedule
USD 0
USD 127average of 38 other banks
Lombard loan marginmargin over the reference rate
reference rate + 1.75%
Not in the schedule
Temporary overdraft charges: Prime lending rate + 6%
Not in the schedule
Not compared
Minimum annual feeper year, or fee below the asset threshold
Not in the schedule
USD 5,000 a year
Not in the schedule
Not in the schedule
USD 4,320 a yearaverage of 38 other banks
Outgoing international transferper transfer, standard
Not in the schedule
USD 44
USD 35
USD 35
USD 57average of 61 other banks
Charge on large cash balancesper year above the stated threshold
Not in the schedule
0.00% a year
Not in the schedule
Not in the schedule
Not compared
Custody and safekeepingeffective rate on USD 25 million
Not in the schedule
Not in the schedule
Not in the schedule
0.01% a year
Not compared
Each fee is rated against the average of the other banks that publish it: five stars is the lowest, one star the highest. The schedules, their dates and what each leaves out are listed centre by centre below.
Price level of the published fees6 fees compared with the other banks that publish them
Not in the published schedule: custody and safekeeping, third party fund subscription, account maintenance, minimum annual fee, outgoing international transfer, closing the account.
Third party payments. The schedule states: “CGMI receives revenue sharing payments from investment product sponsors/managers ... CGMI retains the payments and does not share them directly with its financial advisors.”
Not in the published schedule: custody and safekeeping, discretionary mandate, advisory mandate, equity trade, bond trade, third party fund subscription, currency conversion, account maintenance, transfer of securities to another bank, closing the account, lombard loan margin.
Hong Kong · Citibank, N.A., Hong Kong BranchCentre file
Not in the published schedule: custody and safekeeping, discretionary mandate, advisory mandate, bond trade, third party fund subscription, currency conversion, account maintenance, minimum annual fee, transfer of securities to another bank, closing the account.
Third party payments. The schedule states: “Citibank may receive remuneration or other benefits, including from price improvements on executed transactions.”
Not in the published schedule: discretionary mandate, advisory mandate, bond trade, third party fund subscription, currency conversion, account maintenance, minimum annual fee, closing the account, lombard loan margin.
Third party payments. The schedule states: “Citibank may make or receive remuneration, profits, fees, commissions, rebates, discounts”
Citi Brokerage Fees and Charges, Updated July 2025, read on 6 November 2026. Citibank Singapore Limited, Citigold and Citigold Private Client segments (affluent, not the private bank). Equity brokerage and custodian fees only.
How the comparison works: USD 25 million booked with the bank: half under a discretionary balanced mandate, half in custody with advice; 24 equity trades of USD 250,000 and 8 bond trades of USD 500,000 a year; 6 currency conversions of USD 1 million; 24 outgoing international transfers. Tiered fees are applied to those amounts tranche by tranche, stated minimums are applied, and amounts are converted at indicative rates of 2026-11-06. Read how we compare fees.
ControlWidely held; no shareholder with 10% or more Source (31 March 2025)
Disclosed holdings of 3% or moreBlackRock, Inc. 6.9% Source (31 March 2025)
Ownership is shown as published, with its date. It describes who owns the bank; it does not, by itself, suggest any wrongdoing by the bank or its owners.
Booking entities
United StatesCitibank, N.A.OCC · Locally incorporated subsidiary · LEI E57ODZWZ7FF32TWEFA76Licence: National bank (OCC), FDIC insured, FDIC cert 7213 Source
Hong KongCitibank, N.A., Hong Kong BranchHKMA (both entities); SFC (registered institutions) · Branch of Citibank, N.A. · LEI E57ODZWZ7FF32TWEFA76Licence: Citibank (Hong Kong) Limited: licensed bank incorporated in Hong Kong. Citibank, N.A.: licensed bank incorporated outside Hong Kong (branch) Source
SingaporeCitibank, N.A., Singapore BranchMAS · Branch of Citibank, N.A. · LEI E57ODZWZ7FF32TWEFA76Licence: Citibank Singapore Limited: Qualifying Full Bank (locally incorporated subsidiary); also Exempt Capital Markets Services Entity, Exempt Financial Adviser, Exempt Trust Company. Separately, Citibank N.A. (incorporated in the United States) holds a Full Bank licence in Singapore as a branch. Source
Offered at one or more booking centresOffered by the group, not confirmed at a centreNot located, which does not mean unavailable Checked on the bank's own pages for each centre.
Access and costs
Minimum relationshipUnited States: USD 5 million Source Switzerland: $ 5 million Source Hong Kong: $ 5 million Source Singapore: SGD 1.5 million Source
US personsUnited States: Not published Switzerland: Not published Hong Kong: Not published Singapore: Accepted with restrictions
Fee scheduleUnited States: Published, Document code 09/26, copyright 2026 (no effective date printed) SourceCompared below Switzerland: Published, As of 15 May 2026 SourceCompared below Hong Kong: Published, August 22, 2026 SourceCompared below Singapore: Published, August 22, 2026 (page date; call deposit rates as of August 22, 2026) SourceCompared below
Third party paymentsUnited States: Published Source Switzerland: Not published Hong Kong: Published Source Singapore: Published Source
Transfer out termsUnited States: Not published Switzerland: Not published Hong Kong: Not published Singapore: Published Source
Protection of client assets
Deposit protectionUnited States: National banks are FDIC insured: USD 250,000 per depositor, per bank, for each ownership category. Securities are not deposits. Switzerland: All banks with a Swiss office must be members of esisuisse: privileged deposits are protected up to CHF 100,000 per client per bank, including non-resident clients and foreign currency deposits, within a system cap. Hong Kong: Not published Singapore: Full banks in Singapore, including local banks and qualifying full banks, are members of the SDIC Deposit Insurance Scheme unless exempted by MAS: S$100,000 per depositor per member. Membership taken from the SDIC rule; the named member list is to be checked. Only eligible Singapore-dollar deposits are insured; deposits in US dollars or other currencies are not covered.
Custody lawUnited States: 12 CFR 9.13(b) requires a national bank to keep fiduciary account assets separate from the bank's own assets; securities at a broker-dealer are customer property under SIPA with SIPC protection. Re-use and lending are governed by account agreements and regulator rules rather than a single statute. Switzerland: Swiss Banking Act art. 37d: custody assets held for clients are separated from the bankrupt bank's estate and handed over to the clients, with privileged deposits protected under arts. 37a and 37h. Hong Kong: Client securities held by licensed or registered persons must be safeguarded under the Securities and Futures Ordinance and the Securities and Futures (Client Securities) Rules, as referenced in SFC Code of Conduct para 11.1. Singapore: Not published
Custody termsUnited States, Switzerland and Hong Kong: Not published Singapore: Published Source
Before opening an account
Custody agreement. The applicable legal framework is set out above. Ask for the agreement that would govern your account and check how securities are titled, whether any sub-custodian is used, and when the bank may take a lien. United States, Switzerland and Hong Kong
Relationship minimum. The published figure cited above is USD 5 million. Ask whether it applies to the proposed mandate and whether assets in related accounts, entities or currencies count toward it. United States
Exit costs. The fee comparison shows USD 95 per position for a securities transfer. Ask what rate would apply to your mandate and whether the receiving bank or a sub-custodian would charge separately. See published fees. United States
Trust accounts. The group describes fiduciary services. Ask whether the entity named in this profile can open the proposed trust account and which company would act as trustee, custodian and adviser. Switzerland and Hong Kong
International payments. The fee comparison shows USD 44 for a standard outgoing transfer. Ask whether intermediary charges and FX spreads are billed separately for the currencies you use. See published fees. Switzerland and Hong Kong
Which Citi entity would advise us, and what responsibility would it assume for assessing suitability? Singapore
Which account or product restrictions would apply to any U.S. persons in our ownership structure? Singapore
Your experience
Rate Citi Private Bank
If you bank with Citi Private Bank in any of its booking centres, or advise clients who do, your experience forms part of its PPLI.com rating. Please say which centre you deal with. Every response is read by the editor and treated in strict confidence.
Before we publish a significant negative finding that is not already public, we give the bank the facts and time to comment, on the same timetable for every bank. Decisions of regulators and courts are shown as they were published. Corrections we verify are published with the date of the change. Write to [email protected] quoting the reference of the booking centre concerned: United States BK-US-CITIBANK-4BD1BD; Switzerland BK-CH-CITIBANK-SWITZERLAND-3439EB; Hong Kong BK-HK-CITI-HK-9E0DD7; Singapore BK-SG-CITI-SINGAPORE-B7DB1B.
Reviewing this file with us
Families and their advisers read this file before they open an account. It can only be as complete as the documents we can find, and much of what sets a private bank apart, from its custody terms to the way a client team works, is rarely published.
If you represent Citi Private Bank, one of our Bank Intelligence analysts can go through the file with you: correct anything that is out of date, add terms and documents that are not yet public, and set out what has improved since our last edition. The review is a paid engagement for the analyst's time and research.
The rating itself stays with our editor and follows what the documents show, so we cannot promise a particular result. When a review changes the file, this page notes that the bank took part, with the date and what was added.
Brought together by the PPLI.com research desk from the files of its booking centres and the public sources listed. The rating is our editorial opinion; read how the overall rating is built.
Important information. Editorial opinion of PPLI.com on the date shown, based on public information, client experience and editorial judgment. Not a statement of fact, a credit rating or investment, legal, tax or financial advice; verify with the bank and your own advisers before acting. No liability is accepted for reliance on this content. Bank names and logos are used for identification only. Ratings are updated every quarter. This is the Q4 2026 edition, and a rating can change between editions if something material happens. Full disclaimer
Rating signed by Noam Cohen, Editor, Bank IntelligenceReviewed 6 November 2026Methodology 2.4Overall rating weighted by UHNW client ratings
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