Citi APAC chief executive Peter Babej reiterated the bank’s commitment to wealth management in Asia in the latest management reshuffle, highlighting its scale and growth prospects.
Citi’s APAC CEO Peter Babej expressed optimism about the bank’s positioning for wealth management growth following the latest senior appointments for the newly merged wealth unit which combines consumer and private banking.
«The Asian wealth management sector stands out for its scale and growth prospects, driven by the emergence of a vast middle class and the rapid development of regional capital markets,» Babej said in an internal note seen by finews.asia, highlighting the newly opened wealth hub in Singapore as the largest worldwide for the bank.
CGW Unit
The newly merged wealth unit – or Citi Global Wealth (CGW) – will cover clients across the wealth spectrum from the emerging affluent to high net worth individuals.
In Asia, the unit will be co-led by private and consumer banking heads Steven Lo and Fabio Fontainha, respectively, the latter of whom will also join the Asia Pacific operating committee.
Citi ranks amongst the top wealth managers in Asia with around $300 billion in assets under management (AUM) after a record year for regional net new money inflows with over $20 billion.
