Citibank wealth management unit sees client growth for 2017
The bank said its digital transactions were gaining traction amid a 20 per cent drop in teller and phone transactions
Citigold, Citibank’s wealth management service, said it was expecting a third straight year of double-digit client growth this year, on the back of the 9-per cent increase as of May.
Lawrence Lam, head of retail banking of Citibank global consumer banking, said they were confident in reaching a 13-per cent target for 2017, following 11 per cent and 13 per cent growths in 2016 and 2015 respectively.
“Among all the Citigold clients, about one-third is offshore customers from places such as the mainland, Philippines and Taiwan. Among the offshore customers, about half of them are from the mainland,” said Lam.
“We are not particularly focused on mainland customers,” Lam added. “Just that our [business] orientation and service attracted clients from different regions.”
Lam said digital and mobile banking were also gaining traction among clients.
“The bank had a 20 per cent drop in the number of teller and phone transactions, while the number of automatic teller machines (ATM) and digital transactions increased,” he said.
“But the growth of ATM transactions was even slower than that of digital and mobile banking transactions, which witnessed a 20 per cent growth year-on-year as of May.”