Citi Hong Kong, CGB team up to offer wealth services under Wealth Management Connect
Citi plans to offer around 100 types of wealth products from the mainland.
Citi Hong Kong has announced a partnership with China Guangfa Bank (CGB) to offer cross-border wealth services to clients in the Greater Bay Area under the Wealth Management Connect (WMC) scheme.
Citi plans to offer nearly 100 types of wealth management products with low-to-medium investment risk under WMC to southbound clients from Mainland China. These include bonds, mutual funds, as well as multiple foreign currencies services through both remote and manned channels.
For northbound clients from Hong Kong, CGB will reportedly offer a range of low-to-medium risk agent financial products, mutual funds and wealth management products under the WMC framework
Lawrence Lam, consumer business anger for Citi Hong Kong, expressed the bank’s excitement to be amongst the first batch of banks launching WMC services for GBA clients.
“WMC opens up unprecedented market opportunities for the financial industry in this area as consumer wealth continues to grow,” Lam added.
The partnership forms part of Citi’s wealth ambitions in the Greater Bay Area and China. Just this year, the bank announced plans to add over 1,000 professionals across its wealth franchise in Hong Kong by the end of 2025.