Though conventional private banking has yet to take off in Bangladesh, City Bank is offering glimpses into how the industry might thrive in years to come.
The bank, led by CEO Mashrur Arefin, was an early adherent to the concept that technology would drive the future, helping to pioneer the digital bank model in Bangladesh.
That left the bank remarkably well-positioned in early 2020, when Covid-19 hit. As others scrambled to roll out more competitive apps and devise ways to adapt to the work-from-home regime, Arefin’s bankers were already well equipped thanks to its long-term strategy.
One priority has been promoting financial inclusion – and using the bank’s digital platforms to do their part to achieve this. Another is staying true to the bank’s well-earned reputation as a local thought leader willing to experiment and take risks.
That led it to target the other end of the market: premium services. City Bank has rolled out a suite of products and services for clients seeking wealth management expertise. Its exclusive partnership with American Express alone accelerates its transformation into the go-to bank for a premium-service experience.
From a branding point of view, City Bank American Express Platinum Lounge at Dhaka’s international airport has become a status symbol that peers have yet to match.
The