Citi registered top line growth in Hong Kong across its institutional and wealth management businesses, including a record increase in new clients within the private banking arm.
In the first half of 2023, Citi’s overall revenues in Hong Kong grew 11 percent year-on-year, according to senior executive Aveline San.
«In Hong Kong, we have seen the business sentiment really improve over the last half-year since the border reopening. Our bankers are back on the road,» said San, CEO of Hong Kong and Macau, at a recent media luncheon attended by finews.asia.
ICG, CGW
Within the institutional clients group (ICG) – one of Citi’s key business divisions – revenues in the city rose 27 percent.
The treasury and trade solutions arm recorded a 27 percent revenue increase, driven by net interest income and fee-generating mandates. The securities services arm registered an 85 percent increase, driven by solid settlement volume and higher interest rates. The commercial banking business also saw an 8 percent increase in Greater Bay Area clients year-to-date.
And within Citi Global Wealth (CGW) – another key business division that oversees all wealth segments from retail to the ultra-rich – new consumer banking clients grew 50 percent. Citi Private Bank also saw a record-breaking first half with a 93 percent surge in new clients in Hong Kong.
