Citigroup seeing rebound in wealth management activity in Asia

CITIGROUP is seeing a boost to client activity in its wealth management business in Asia, a top executive at the lender said at a conference on Thursday (Feb 16).

“The last few weeks and months, with China and Hong Kong opening up, we are starting to see client activity pick up very nicely,” said Citi’s personal banking and wealth management chief executive officer Anand Selvakesari.

Last year, the bank’s wealth management business in Asia was hit harder by macroeconomic headwinds than other regions, but the momentum is shifting, Selvakesari added.

China, the world’s second-largest economy, reopened its borders in January and dismantled its strict zero-Covid policy restrictions following historic protests, brightening the outlook for businesses keen on leaving behind a period of major disruptions.

The bank will also continue to hire financial advisers for its wealth business, Selvakesari said.

For the fourth quarter, Citi’s personal banking and wealth management segment saw a 5 per cent jump in revenue to US$6.1 billion, the bank reported last month. REUTERS