Citigroup Adds Thousands of Asia Wealth Clients in Global Push

Citigroup Inc. In addition to more than 15,000 financial users in the Asia Pacific region, the American bank’s expansion into financial management and business shows that there is a return.

Those who received the invitation were invited in the first half of the year, according to a spokesman for the New York company.

In the second quarter, new customers increased 36% from a year ago, and Asia Pacific revenue increased 4% from the previous quarter, he said.

Hong Kong: Citigroup’s Asian investors expect a 25% increase in clients this year, the US bank’s regional head of its family of investors suggests. said, as Singapore and Hong Kong scramble to attract assets.

Development until 2022 is difficult when the bank sees a 50% annual increase in customers in Asia from a low base last year, Faye Ong told Reuters in an interview.

Banks around the world are raising family business arms in Asia, as a growing number of Asian billionaires look to set up private equity and investment schemes. business changes.

In 2020, Citi will transform its Asian family business into a unit that combines advice, family management, succession planning, financial assistance, investment, and lending a hand to the rich. Ong joined the team in 2021, along with many senior and mid-level players.

Citigroup Adds Thousands of Asia Wealth Clients

“We have seen a lot of interest from China, Hong Kong, the Philippines, India, and Indonesia to set up their family businesses here (Hong Kong),” said Ong, adding that the pressure has grown from Middle East customers.

Citigroup will hire 3,000 in Asia’s corporate banking business and support growth

In March, Hong Kong announced measures to encourage family businesses to set up shop in the financial center as authorities tried to restore business and investor confidence. after three years of strict control of COVID-19.

Hundreds of discussions have taken place with existing and new customers, Faye said, adding that some customers, who are already in Hong Kong, are considering registering with the family company.

city car Other markets in Asia are also growing well, Ong said.

In July, the central bank in Singapore, the Asian economic hub of Hong Kong, revised its tax policy for family companies, to support local businesses and enterprises, and encourage green investment. “The landscape in Singapore is changing.

Citigroup Adds Thousands of Asia Wealth Clients

There are figures in Singapore who are more aware of the type of family business he wants to attract,” said Ong.

The number of single-family businesses in Singapore rose to 1,100 at the end of last year from 400 in 2020, according to data from its central bank.

Growth in the number of billionaires and entrepreneurs in Asia has outpaced peers in other regions, and that growth could continue through 2026 and beyond, according to Accenture’s report published last week.

Hong Kong/Singapore Citi has hired nearly 650 finance professionals in Asia Pacific so far this year, including more than 130 relationship managers (RMs) and finance managers (PBs) to support customer growth. In the first quarter of 2021, Citi added more than US$5 billion in new funds, marking one of the strongest points for the bank on record.

The hiring is part of a plan to add 2,300 financial workers, including 1,100 RMs and PBs, to support clients and grow clients by US$150 billion by 2025.

Asia Pacific is a key market for Citi’s global financial markets.

Citi recently announced in its first quarter earnings that it is downsizing assets focused on four assets in Hong Kong, Singapore, the UAE, and London.

“As the world’s largest asset manager, with expertise across the product industry, we’ve attracted top talent to join our team. We’ve been working quality and patience to serve our customers needs” We are already a leading wealth management company. in the region, and taking the business to the next level is an important step,” said Peter Babej, president of Asia Pacific.

In January, Citi announced the creation of Citi Global Wealth (CGW), a private wealth management. And consumer business under the leadership of Jim O’Donnell, former CEO of international sales and relationship management. To achieve Citi’s wealth management goals, CGW’s strategy is focused on leveraging the firm’s global network, advanced research, and capital market expertise.

“With Citi’s unique capabilities and resources, we have the opportunity to lead our company in wealth management. We are putting the full strength of the company behind this effort. To create a rich integrated platform that will help all customers. Provide the necessary resources for customers. useful for families with good value, “said Jim ODonnell, Citi Global Wealth Head.

Citigroup Adds Thousands of Asia Wealth Clients

In 2020, Citi in the region recorded more than US$ 20 billion in new investments. Which represents a record year for the bank. And the bank is already the third largest fund manager in Asia Pacific. In the first quarter of 2021, Citi added more than US$5 billion in new capital.

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