Under an integrated model, Citi's wealth management business in Asia is reaping the benefits of clients upgrading between segments, from affluent to private banking. It also benefited from referrals from internal partners.
In 2021, Citi combined teams from the former consumer banking unit and institutional clients unit to form a single unified wealth management business. Part of the intended benefit was to be able to retain relationships with clients as their wealth grows with a corresponding segment approach. At Citi, this includes Citigold, Citigold Private Client (CPC) and Citi Private Bank.
According to the bank, it has since been observing movements between segments. In 2023, 30 percent of Citigold’s client acquisitions in Asia were from upgrades in the non-wealth retail base. 60 percent of CPC acquisitions were from Citigold upgrades while nearly 25 percent of Citi Private Bank acquisitions were from CPC upgrades.
25 percent of acquisitions from the overall wealth business were also sourced from the credit card business.
Banking Partners
Aside from within the wealth unit, Citi also benefited from over 200 clients referred in the region from other internal partners, including the commercial banking unit and the corporate banking unit. And the benefits are not one-way: the wealth unit also referred close to 80 clients to the aforementioned banking units.
«Asia represents one of the greatest opportunities for our wealth franchise globally. This is coming across the wealth spectrum and we are well positioned to support clients. I look forward to seeing this region playing a leading role to support Citi’s global growth aspirations across wealth,» said Citi head of wealth Andy Sieg, who was in Singapore last week for the bank’s first board meeting in the city-state since 2011.
