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Citigroup's Asia Q1 wealth revenue jumps 20% amid new clients, investment gains

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HONG KONG :Citigroup's Asia wealth revenue surged 20 per cent in the first quarter of 2023, backed by investment gains, insurance revenue and a jump in new private banking clients, according to a company spokesperson.The wealth market in Asia has been undergoing a shakeup as some rich clients fled Credit Suis

HONG KONG :Citigroup's Asia wealth revenue surged 20 per cent in the first quarter of 2023, backed by investment gains, insurance revenue and a jump in new private banking clients, according to a company spokesperson.

The number of new clients who joined Citi's Private Bank in the region have doubled in the first quarter from a year ago, with new private banking assets growing 20 per cent year on year, according to a Citi spokesperson. The U.S lender cited headwinds in securing revenue from investment products and higher interest rates paid on deposits as being the main factors for the global decline.

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