Citi’s wealth management unit in Asia saw increases across the board in the first quarter of 2023, including client base, revenue and more.
Citigold and Citigold Private Clients - the bank’s affluent and mass millionaire wealth businesses, respectively – saw a 68 percent year-on-year increase in client acquisitions in Asia in the first quarter of 2023, according to a note seen by finews.asia.
Citi Private Bank recorded a more than 100 percent increase in client acquisitions in the region during the period while net new assets grew 20 percent.
Overall, Citi’s wealth unit, which covers the full continuum of clients from mass affluent to ultra-high net worth individuals, posted a 20 percent quarter-on-quarter increase in revenue in Asia.
ICG
Within Citi’s institutional clients group (ICG), which includes the banking, services and markets businesses, global revenues grew 6 percent year-on-year to $2.4 billion with Asia accounting for 21 percent.
Reported ICG net income for Asia was $842 million, up 8 percent year-on-year.
«Asia contributed strongly to Citi’s first quarter earnings. The financial results from the region underlined the success of the pivot to capture greater opportunities across our […] institutional client businesses and growing Citi’s established wealth franchise further in Asia,» the note said.
