Citi has set a goal of growing its Asia Pacific wealth management client base by 10% in 2019, up from the 8% gain posted last year as it aims to tap into increasing growth across its priority markets in the region, including China, where it expects to see a 30% increase in Citigold clients in 2019.
Citi's wealth management business, which is a part of its consumer banking unit, targets clients in Asia Pacific with investible assets of between $100,000 and $10m in 17 markets. Asia has become the main battleground for global wealth managers, including Credit Suisse, HSBC and Standard Chartered Bank, looking to benefit from surging incomes in countries such as China and India.
"We are confident the investments we have made and continue to make will support double-digit client growth rates in 2019," Gonzalo Luchetti, Citi's head of consumer banking for the Asia Pacific and Europe, the Middle East and Africa (EMEA) unit, noted in a statement, Reuters reports.
We are confident the investments we have made and continue to make will support double-digit client growth rates in 2019"
The banking giant will use a mix of physical and digital engagement to attract HNWIs. The plan includes the combination of an expanded world class advisory from Citi's Wharton trained RMs and a refreshed wealth management digital value proposition, including remote advisory and wealth management tools.
In the past year, Citi has added over one million mobile users with a new mobile banking experience that includes wealth management digital tools, such as portfolio diversification indexing and stress testing abilities. The bank is also rolling out video banking engagement further across the region for RMs to speak with clients on demand - after the service experienced a stellar launch in 2018 in India.
Asia Pacific saw total household wealth grow by 3% in 2018 from a year ago to $114.6trn, making it the largest wealth region globally and putting it ahead of the US and Europe, according to a Credit Suisse global wealth report.
With $256bn worth of assets under management in 2017, Citi ranks second in the Asia wealth management league table after Swiss bank UBS, according to data compiled by Asian Private Banker.