August 2009 Issue - Citibank Global Home Equity

Owners with multiple properties located in Australia, Canada (Alberta, British Columbia and Ontario), Hong Kong, Malaysia, UK ( England, Scotland and Wales) and Singapore, will be able draw up to a maximum of 70% ( with the exception of countries wherein local regulations permit values below 70%) of the value of the property through a line of credit via their MaxiSave or CitiAccess accounts. The line of credit may be used for purchase finance of residential property, refinancing, or to unlock equity to invest in stock, bonds and an array of other wealth management products. In this way, investors do not have sell one’s properties for cash.

Aimed at customers whose properties have low leverage or none at all, a client’s property portfolio across all markets is tapped into with the help of just one relationship manager. This helps Citi’s customers with international properties circumvent cumbersome dealings with separate bankers whenever investment opportunities arise. What’s even more convenient is that the line of credit is available in SGD or USD. Citi is able to make the line of credit available in AUD, HKD, EUR, JPY, GBP and CAD and clients are able to receive free currency switches for amounts greater than or equal to USD250,000.

Interest rates are pegged to either SIBOR for loans that are denominated in SGD or LIBOR for loans denominated in the other currencies.