Citi Advance to move branches into malls

Vira-anong Chiranakhon Phutrakul, chairwoman of the board of Citi Advance, said about 50 per cent of new loans were booked in branches inside malls.
At present, of the company’s 43 branches, 16 are in shopping malls in Bangkok and upcountry.
Malls are a hot spot for customer traffic because of the shopping convenience they offer, and this applies to financial services as well, she said.
Aside from relocations, Citi Advance also plans to open new branches, which will also be in leading department stores in Bangkok and the provinces.
“We have put emphasis on business partnerships, especially in the retail sector. Therefore, the company has joined with Big C Supercenter to set up 72 booths in Big C stores nationwide to expand our customer base and stimulate new lending,” she said.
Citi Advance outlets in shopping malls are offering new products, aside from personal loans and car-cash products. The company will next month introduce a Citi Advance Cash Card to serve customers paying instalments, who are a major portfolio, and those wanting increased flexibility with a low monthly payment of 4 per cent per month. The cash card is a revolving-payment system, unlike a personal loan, which is an instalment product.
The company plans to expand secured personal loans using cars as collateral – its “Your Car Your Cash” product – to motorists who have not completely paid off their car loans. Citi Advance introduced Your Car Your Cash early this year for paid-up car owners and received good feedback. The product line will be expanded in the next two months, Vira-anong said.
Citi Advance targets outstanding loans this year to grow by 10 per cent from US$500 million (Bt15.8 billion) last year.