Posted inHong Kong

Citi plans Hong Kong wealth growth

The US private banks intends build its AUM $460bn within five years.
Victoria Harbour Sunset, taken at Tsim Sha Tsui port of HongKong Star Ferry, in November 2019.

Banking giant Citigroup will add more than 1,000 professionals across its wealth operation in Hong Kong, including over 550 relationship managers and private bankers over the next five years, reports International Adviser, FSA‘s sister publication.

In 2021 so far, the bank has hired 75 private bankers and relationship managers to its wealth business in Hong Kong.

It said that Hong Kong is a “key market for Citi’s regional wealth ambition” to grow regional client assets under management to $460bn by 2025 from $310bn.

Angel Ng, Citi Hong Kong and Macau chief executive, said: “We are well positioned to capture the strong growth opportunity by supporting our growing client base especially in light of Wealth Connect and the Greater Bay Area opportunity.

“This includes both traditional retail wealth but also growing entrepreneurial wealth, where we can connect founders and their companies to our leading institutional franchise across areas including commercial banking, capital markets and corporate banking.”

This comes after Citi announced the formation of Citi Global Wealth (CGW), aligning the private bank and the consumer wealth business under the leadership of Jim O’Donnell, formerly global head of investor sales and relationship management.

HSBC also recently reaffrimed its intention to make 1,000 hires in Asia Pacific this year.

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