According to a corporate spokeswoman, Citigroup’s (C.N) Asia wealth revenue rose 20% in the first quarter of 2023 due to investment gains, insurance revenue, and new private banking clients.
Analysts believe competing private banks benefited from Credit Suisse’s rich clients’ exit in the last several months, shaking up Asia’s wealth sector.
According to a Citi representative, new members who joined Citi’s Private Bank in the region doubled in the first quarter, and new private banking assets grew by 20%.
Globally, the bank’s wealth management arm had $1.8 billion in first-quarter revenue, down 9% from last year.
The U.S. lender blamed the international fall on investment product revenue challenges and increased deposit interest rates.
In Asia, the firm’s institutional business—banking, services, and markets—recorded $2.4 billion in first-quarter revenue, up 6% from a year earlier.
Last August, the firm’s Asia boss told Reuters it aimed to hire 3,000 additional staff for its Asia institutional business in the coming years to focus on a fast-growing market.
Comment Template