Onboarding as existing client in the same banking group

[liroyb]

For the sake of example, let's say you're priority client of Citi or SC in Jersey and you want to become a client of their SG or HK branch:
1. Would you need to go through the same due diligence all over again?
2. Would you need to fulfil the minimum relationship balance also in these branches?

 

[Sols]

It depends on your status with the bank, where you want to open a new account, and how interconnected the bank is.

HSBC does a pretty good job of cross-border account opening. Standard Chartered is also good at it. Citibank is a bit hit and miss, because it has a more disparate network of subsidiaries.

Generally, you don't need to undergo due diligence from scratch but the bank in the new country may ask some questions.

Minimum relationship balances carry across sometimes but not always. HSBC is probably one of the best and most lenient in this. SC has slightly different tiers in different jurisdictions and aren't full service in every location (may not offer the full suite of personal, business, and wealth banking in every location). Citibank, again, is hit and miss.

 

[kilor]

You must ask the bank what the procedures are, most often you will be able to have less KYC if they already know you or if you let your current branch handle the process for you.