RETAIL BANKING | Staff Reporter, Singapore

Citi APAC reports more than $20b in net new money in wealth management arm

The bank now has approximately $285b in Assets Under Management.

Citi Asia Pacific has revealed that it attracted over $20b in net new money across its regional wealth management business in 2020. This was 10% higher than its 2019 total, the bank said.

The bank said that it now has approximately $285b in AUM, and that it ranks amongst the three largest wealth managers in Asia Pacific.

Citi attributed part of its growth to its refreshed digital value propositions, including a new mobile banking experience with enhanced wealth management tools, which  reportedly drove the growth of its mobile users by over 1 million.

It’s wealth franchise includes Citi Priority for emerging affluent customers; Citigold for affluent clients; Citigold Private Client for core high net worth (HNW) individuals; and Citi Private Bank for upper HNW and ultra-HNW clients. The latter counts approximately one-third of the region’s billionaires as clients, Citi added.

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