Strategy & Practice Management

Citi Asia Pacific targets further growth in 2018

Citi Asia Pacific Consumer Bank Wealth Management targets double digit growth in clients and AUMs in 2018

The targets for 2018 across Citi’s Consumer Bank franchise in Asia Pacific reflect the momentum from the bank’s strategy of being the leader in wealth management in the region for the affluent and emerging affluent segments.

The bank grew its AUMs by 17% last year on the back of a 13% increase in client growth and a strong year in net new money flows. In the fourth quarter of 2017, investment sales reached US$10.7bn, up 47% versus the same period in 2016.

Gonzalo Luchetti, Head of Retail Banking for Citi Asia Pacific said, “Our segment-led client-centric strategy is generating strong results and fueling our growth momentum. Over the past two years we have reallocated resources to build out Wealth Management Hubs, accelerated digital investments to better engage with clients and invested in strengthening our core value propositions. We have an offering that allows customers to engage with us through an array of digital touch-points with access to better-trained Relationship Managers who are able to have more constructive, needs-based conversations supported by the best digital advisory experience. We are confident of continuing to match the growth we are seeing through 2018 across our wealth value propositions.”

Citi is looking to acquire more emerging affluent and affluent clients which it serves through three distinct value propositions: Citi Priority, Citigold and Citigold Private Client.