Citigroup is reportedly eyeing a 10% increase in its Asian wealth assets under management in 2015 to target the region’s increased number of millionaires.
The bank is planning to double the number of clients in Hong Kong within three years using the Citigold Private Client service, for people with $1m to $10m of assets, reported Bloomberg.
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The trend of an "expanding middle-class and increasing concentration of wealth among affluent individuals in Asia is very much alive and continuing," Jonathan Larsen, Asia-Pacific head of consumer banking at Citigroup told Bloomberg in an interview.
Larsen added that Citigroup will add to the more than 3,000 staff in Asia who deal with clients, such as relationship managers and portfolio counselors, as the assets under management grow.
Larsen observed that the firm’s thrust into digital banking services will contribute towards the wealth business expansion without the cost of setting up branches.
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