, Singapore

Citi APAC to add 1,100 relationship managers, private bankers for wealth arm

The bank expects AUM to expand by $150b under its Win-in-Wealth campaign.

Days after announcing its exit from consumer banking business in 10 Asia Pacific (APAC) markets, Citi unveiled its Win-in-Wealth campaign for the region, which will see the bank hire around 2,300 professionals and as well as invest in cutting-edge technology for its Hong Kong and Singapore wealth hubs.

Under this campaign, a total of 1,100 relationship managers and private bankers are expected to be added its APAC’s headcount, whilst assets under management (AUM) are protracted to expand by $150b across its APAC franchise—of which $120b are from the high-net-worth segment, according to Citi.

“The Asia Pacific wealth market stands out in its scale and growth potential. And this is not a cyclical opportunity – it is structural, driven by the emergence of a vast middle class and the rapid development of regional capital markets,” noted said Peter Babej, Asia Pacific CEO, regarding the campaign.

“Along with macro-level asset growth, Asian customers increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures,” he added.

Just days ago, Citigroup announced that it is exiting the consumer banking business in 10 markets across APAC, with CEO Jane Fraser admitting that the banking group doesn’t have the scale they need to compete in these markets.

APAC markets not affected by the exit are those in Singapore and Hong Kong, respectively.

Earlier in January 2021, the bank formed Citi Global Wealth (CGW), which integrated the Citi Private Bank and the Consumer Wealth organization. Leveraging Citi’s aspirational wealth management brand, CGW’s strategy is focused on delivering the firm’s global network, high quality research and leading capital markets expertise.
“We are seeing once-in-a-generation wealth creation in many parts of the world, particularly Asia,” said Jim O’Donnell, Citi Global Wealth head. “We are putting the full force of the firm behind this effort to create a single, integrated wealth platform that will serve all clients, providing tailored capabilities for affluent individuals to ultra-high net worth families.”

Citi’s Global Wealth franchise in Asia includes Citigold (affluent), Citigold Private Client (Core HNW) and Citi Private Bank (Upper HNW and Ultra HNW). CPB reportedly counts approximately one-third of the region’s billionaires as clients.

In 2020, the bank recorded over $20b in net new money inflows across the region, marking a record year for the franchise.

Pembekuan pendanaan menghantam penyedia layanan BNPL

Investor semakin sedikit mengalirkan dana ke penyedia layanan BNPL yang sudah menghadapi keuntungan margin yang tipis.

HSBC: Aliansi bank-fintech merupakan win-win

Pemberi pinjaman dapat belajar dari teknologi disruptif sambil membantu mereka mematuhi regulasi.

Tokenisasi aset perdagangan untuk menjembatani kesenjangan pembiayaan

Teknologi blockchain dapat mendesentralisasikan operasi keuangan dan mempermudah akses kredit.

BCA menjalankan komitmen terhadap keuangan berkelanjutan

Bank asal Indonesia ini mempertimbangkan aspek lingkungan dan tata kelola dalam keputusan pemberian pinjaman.

Mengapa UNOBank mendorong embedded finance tumbuh di Filipina

Bagi UNOBank, banking interface terpadu adalah strategi pertumbuhan sekaligus upaya inklusi keuangan.

OCBC mencoba mengurangi kesenjangan manfaat bagi agen properti di Singapura

Produk terbarunya menawarkan manfaat finansial di bidang perbankan, asuransi, dan perdagangan.

Upaya Malaysia menjadi anggota BRICS untuk mendorong perombakan sistem perbankan

Namun, tantangan muncul ketika menjauh dari ketergantungan pada AS dan SWIFT.

Platform pembayaran PingPong memperoleh lisensi PJP di Indonesia

PingPong mengincar ekspansi ke pasar ekspor senilai $320 miliar di negara tersebut.

Merger dan penutupan mengancam 3.800 bank di area pedesaan Cina

Sekitar 70 bank di area tersebut telah merger sejak 2023.