Exclusive | Citigroup to leverage Hong Kong’s finance hub status to grow wealth business in Asia, Greater Bay Area
- Hong Kong will be the epicentre of wealth management as some US$100 trillion in riches is created globally over the next 10 years, Citigroup’s Andy Sieg says
- The US bank plans to expand its credit card, retail banking, private banking and family office businesses in Hong Kong in the coming years
Citigroup will expand its wealth management business in the Greater Bay Area and rest of Asia from its base in Hong Kong, according to its global wealth head.
The US banking group remains committed to Hong Kong and China despite selling its mainland wealth business to HSBC in October, Andy Sieg said after visiting a number of Greater Bay Area cities last week.
“The onshore consumer business in mainland China was sold because, similar to other markets where we divested such businesses, it just did not have the necessary scale to compete,” Sieg said. “Having Hong Kong as our base to serve our clients in mainland China is our strategy.
“Our commitment to Hong Kong and to China could not be stronger. We are extremely focused on this region as a source of growth for Citi’s wealth management in the years ahead.”
Citigroup believes US$100 trillion of wealth creation will take place across the world over the next 10 years, with the highest rate of growth in Asia.
