The bank has outlined bold plans to triple its client numbers and double assers under management by 2025.
Shortly after announcing that they were pulling out of the consumer franchises in 13 markets, Citibank has announced plans to triple its client number and double its assets under management across the bank’s wealth management franchise in Hong Kong by 2025.
Citi plans to add more than 300 new relationship managers over the next five years in the city, according to a press release.
“Hong Kong customers increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures,” noted Lawrence Lam, chief executive and consumer business manager for Citibank Hong Kong.
“We are already a market leader in wealth in Hong Kong and taking this business to the next level is a strategic priority. With various Greater Bay Area initiatives, such as Wealth Management Connect on the horizon, the opportunities are strong for further client led growth in Hong Kong wealth management.”
Citigroup earlier dropped the bombshell announcement that it is exiting the consumer banking business in 10 markets across APAC. CEO Jane Fraser admitted that the banking group doesn’t have the scale they need to compete in these markets.
Asia Pacific markets not affected by the exit are those in Singapore and Hong Kong, respectively.
Earlier in 2021, the bank formed Citi Global Wealth, which integrated the Citi Private Bank and the Consumer Wealth organization.
Citibank launched the city’s first priority banking offering, Citigold, in 1982 and took it to the next level in 2001 to provide wealth management services in the retail sector. Launched in 2010, Citigold Private Client further enhanced the bank’s capability to serve the HNW segment and positions Citibank as a clear leader in the wealth management space.
“Given Citibank’s track record in wealth and innovation, we are in a prime position to help grow the wealth management industry in Hong Kong. We will continue to innovate to provide the best value to our clients across the whole wealth spectrum. Just this March, we launched our first private equity investment solution for retail HNW clients,” Lam added.
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