Wealth management activities in Asia are recovering at Citi, driven in part by the reopening of China.
Citi is observing a rebound in wealth management activities in Asia where momentum is shifting after a challenging 2022 that saw various macroeconomic headwinds.
«The last few weeks and months, with China and Hong Kong opening up, we are starting to see client activity pick up very nicely,» according to a «Reuters» report citing Citi personal banking and wealth management CEO Anand Selvakesari.
Q4 Pressures
In the fourth quarter of 2022, Asia was spotlighted as a weak spot in the bank’s wealth management business as the region registered lower revenues.
Citi’s global wealth management business posted revenues of $1.7 billion in the fourth quarter, marking a 6 drop. When excluding Asia – $457 million, down 19 percent – the global business' revenues were flat for the quarter at $1.2 billion.
«[I]nvestment product revenue headwinds more than offset net interest income growth from the higher interest rates, particularly in Asia,» the bank said.
