Citigroup Asia to shift focus to 'wealthy entrepreneurs'

Saturday, 17. April 2021 14:29

Citigroup Inc.'s Asian branch is going to move its focus on serving "the rising numbers of wealthy entrepreneurs and their businesses in the region" as it is to halt most of its consumer banking operations across the continent, the department's Chief Executive Officer (CEO) Peter Babej told The Wall Street Journal in an interview published on Saturday.

Babej said the bank was planning to recruit 1,100 private bankers and relationship managers and 1,200 technical and operational staffers in Hong Kong and Singapore to "grow assets under management for clients in Asia to $450 billion by 2025." That would mark a rise of over 50% from the $300 billion the corporation was managing at the moment.

Back in September, Citigroup announced it was planning to open its biggest wealth management hub in Singapore. Meanwhile, the bank revealed its revenue in the first quarter of 2021 declined by 7% on an annual level to $19.3 billion.

Related Links: Citigroup Inc.
Breaking the News / JR