Bolstered by a record year in net new money, Citi’s consumer wealth franchise in Asia Pacific is targeting further growth in 2018.
Citi’s consumer bank in Asia which targets wealth management in the region for the affluent and emerging affluent segments, grew its assets under management by 17 percent last year the bank announced in a press release.
For the full year 2017, revenues were up 7 percent at $3.7 billion and net income increased by 16 percent. The business ended the fourth quarter of 2017 with its sixth consecutive quarter of revenue growth.
Asia's Emerging Wealth Prize
The wealth management business of the U.S. banking group is part of its consumer banking segment, which in Asia Pacific comprises 12 markets in the region.
For 2018 Citi is looking to acquire more emerging affluent and affluent clients which it serves through its citi priority, citigold and citigold private client franchises.
«Our segment-led client-centric strategy is generating strong results and fuelling our growth momentum,» said Gonzalo Luchetti, head of retail banking for Citi Asia Pacific.
