Citigroup’s wealth revenue in Asia went up 20% year-on-year in the first three months of 2023, underpinned by higher investment, insurance revenue and a surge in new private banking customers.
According to a report by Reuters, citing a Citigroup spokesperson, the number of new clients who joined Citi’s Private Bank in Asia has increased twofold during the first quarter compared to the same period a year earlier.
On the other hand, internationally, the financial group’s wealth management business registered $1.8 billion in revenue during the first quarter, or a 9% year-on-year decrease.
The lender blamed weaker global results on headwinds in securing revenue from investment products as well as higher interest rates paid on deposits.
Meanwhile, revenue at Citigroup’s institutional business in Asia, which includes banking, services and markets, stood at $2.4 billion in the first quarter, or a 6% year-on-year increase.
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