HIGH cost-to-income ratios are the biggest challenge among private banks here, said Bassam Salem, Citi Private Bank chief executive (Asia-Pacific).
Failure to segment clients is one of the main issues exacerbating costs, he said, as well as the inability to offer services that private clients need, such as cross-border financing facilities.
Citi's cost-to-income ratio is around 60 per cent. Mr Salem reckons that the industry ratio stands at between 80 and 100 per cent.
Year-to-date, Citi private bank has assets under management (AUM) of around US$245 billion in the Asia-Pacific. In 2013, its AUM rose about 3 per cent to US$218 billion, from US$210 billion previously.
Said Mr Salem: "The industry...
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