Various

Citigroup to Expand Wealth Management Business in Greater Bay Area

Citigroup is set to bolster its wealth management operations in the Greater Bay Area and across Asia, leveraging its base in Hong Kong, as affirmed by its global head of wealth.

Despite selling its mainland wealth business to HSBC in October, Citigroup remains committed to Hong Kong and China, emphasising its strategic importance as a hub for serving clients in mainland China.

Andy Sieg, global head of wealth at Citigroup, highlighted the region’s significance, with projections estimating US$100 trillion (HK$782 trillion) of wealth creation worldwide over the next decade, with Asia leading the growth trajectory.

Andy Sieg

“Hong Kong is the epicentre of this global wealth creation,”

said Andy underlining the city’s pivotal role in Citigroup’s wealth management strategy.

Citigroup has set targets, aiming to capture US$150 billion (HK$ 1.17 trillion) of new business in the region by 2025, reflecting its confidence in the region’s growth potential.

Andy, a veteran banker who rejoined the group in September, expressed strong conviction in the region’s prospects.

Featured image credit: Edited from Freepik