Citi’s global wealth unit, which covers segments from the affluent to the ultra-rich, has opened a new center in Hong Kong to meet the needs of clients in person.
Citi has launched its first Citi Global Wealth (CGW) Center in Hong Kong, according to a statement, to serve the needs across the wealth spectrum from its millionaire clients at Citigold Private Clients to the ultra-rich at Citi Private Bank.
The opening of the 10,000 square feet wealth center in Hong Kong – located in Kowloon at the K11 ATELIER Victoria Dockside – demonstrates the importance of the city as a market for Citi, the bank said. Hong Kong is one of four global wealth hubs for Citi, alongside Singapore, London and UAE.
CGW Unit
In January last year, Citi announced the establishment of a CGW unit by combining its global consumer banking business – across Citigold, Citigold Private Client and Citi Priority – with the private banking business.
The platform covers clients from the mass affluent to the ultra-rich and family offices with close to $200 billion in assets under management (AUM) from over 2 million clients in Asia. The bank has plans to further grow its AUM in the region with the target of $150 billion of new client assets by 2025.
