Citi’s wealth management business in Asia has seen a strong post-pandemic rebound with the addition of 15,000 new clients in the first half of 2023.
Citi Global Wealth (CGW) recorded more than 15,000 new clients in Asia in the first half of 2023, according to the head of the regional business during a recent media briefing. This includes a 36 percent year-on-year increase in client growth in the second quarter.
«We continue that trajectory into the rest of this year,» said CGW Asia head Angel Ng at the briefing, which was attended by finews.asia.
In terms of top line performance in the region, CGW recorded 20 percent quarter-on-quarter growth in revenues during the first three months of 2023 before slowing down to 4 percent growth in the next three-month period.
Family Office
Part of the growth at Citi is attributable to the family office segment which saw a 40 percent increase in its Asian client base for a two-year period until October 2022. Since then, the segment continues to grow at a double-digit rate.
Singapore has been a major beneficiary and the bank plans to expand its family office offering in the city-state, including its capabilities in philanthropy. According to Citi Private Bank’s chairman and head of South Asia Lee-Lung Nien, there is demand, particularly from non-locals.
«A lot of foreigners that come to Singapore, don't know where to start,» said Nien, adding that the bank had no exact business targets in this area. «So when they are ready and they inquire, we are ready for them.»
