American banking major Citigroup is planning to double its wealth-management clients in Asia over the next five years to one million.
Jonathan Larsen, the bank’s global head of retail banking and head of consumer banking for Asia Pacific, in an interview to The Wall Street Journal said the bank is hoping to take advantage of an emerging middle class to grow this business.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
"Our people want to save and become more affluent. Asia will grow disproportionately to the rest of the world," Larsen said.
Larsen revealed that that the bank intends to increase clients in two segments, including those with investible assets between the range $100,000 and $1m, as well as those with assets between $1m and $10m.
The lender will focus on markets in Singapore, Hong Kong, Taiwan, India, China and South Korea.
Larsen also disclosed Citi’s plans to appoint more relationship managers to manage the expansion.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe bank has $255bn of clients’ assets under management in Asia and has been growing that pool between 5% and 10% a year.
