Citi’s decision to create a single wealth management unit called Citi Global Wealth makes sense on many levels.
The new division, announced on January 13, builds on the success of a scheme first unveiled in August 2020, when the US bank set out to extend its Citigold Private Client services to more Asian families – many of which were previously underserved or overlooked – with $1 million-$10 million in investable assets.
It was described at the time by Citi’s Asia CEO Peter Babej as a “phenomenal opportunity” to capture entrepreneurs when they were already a few rungs up the wealth ladder, but before they got rich.
Citi is now rolling out the scheme worldwide and its timing could not be better.
In a press release, it said Citi Global Wealth will create a single wealth management platform that pools together its global consumer banking and institutional clients group teams.
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