New York-based Citibank has announced that it plans to double its wealth management business in Singapore in terms of the number of customers and market share by 2025.
Recently, Citibank also launched a new flagship wealth management center in a prime location in Singapore. Spanning over 30,000 square feet, the wealth management center will occupy four floors including two floors for 400 relationship managers and specialists as well as two floors for client meetings and events.
Reportedly, Citibank also plans to develop another wealth management center in Singapore as a part of its plan to double its wealth management business in the country.
Citibank’s chief executive Brendan Carney told the media, “We think there’s another gear that we can shift into and go from double-digit growth to really strong double-digit growth.”
He further revealed that the bank’s assets grew by 11 percent last year and its wealth management business recorded around 19 percent growth in assets.
Despite the Covid-19 pandemic which has affected businesses all across the globe, Citibank expects its client base and assets at its retail unit in Southeast Asian markets to grow by 10 percent respectively.
Fabio Fontainha, Citibank’s head of retail banking for the Asia-Pacific said that the bank plans to expand its customer base across 12 markets, underpinned by online growth. She added that Citibank gets about a third of new clients online and that trend is expected to grow.
According to PricewaterhouseCoopers, the wealth management sector in Asia is expected to grow to $29.6 trillion in the next nine years.