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RETAIL BANKING | Staff Reporter, Singapore

Citi targets double-digit growth in wealth management clients and AUMs

This will be buoyed by strong digital progress and platforms amongst others.

Citi Consumer Bank Wealth Management is planning to achieve double-digit growth in 2018, backed by stark growth in clients, strong digital progress and platforms, and a record year in net new money.

The bank grew its assets under management (AUMs) by 17% last year on the back of a 13% increase in client growth and a strong year in net new money flows. In the fourth quarter of 2017, investment sales reached $10.7b, up 47% versus the same period in 2016.

Citi is looking to acquire more emerging affluent and affluent clients which it serves through three distinct value propositions: Citi Priority, Citigold and Citigold Private Client. Collectively, these propositions cater to clients from $25,000 to $10m in investable assets.

Citi’s wealth management business is part of its Consumer Banking franchise, which in Asia Pacific comprises 12 markets in the region and five in EMEA. The business ended the fourth quarter of last year with its sixth consecutive quarter of revenue growth. For the full year 2017, revenues were up 7% at $ 3.7 billion and net income increased double-digit by 16%.

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