Business
Hong Kong: Asia’s Wealth Magnet Boosting Citibank’s Clientele Through Diverse Investment Opportunities
Hong Kong attracts Asia's wealthy due to varied investment opportunities increasing Citibank's client base
Wealthy individuals from mainland China and Asia are turning to Hong Kong for their investments, as they search for a broader range of investment options and higher profits.
Wealthy clients from mainland China and Asia tend to invest their money in Hong Kong as they are in search of more diverse investment options and higher yields. This trend is bolstering Citibank's global wealth-management sector, as stated by a high-ranking official.
Janus Wu, the leader of international personal banking at Citibank Hong Kong, stated that Citibank, Citigroup's financial services division, experienced a twofold increase in its number of affluent international personal banking clients in the first eight months of this year compared to the same period last year.
A large number of these affluent clients possess investable assets surpassing HK$20 million (US$2.6 million), considerably exceeding the bank's minimum requirement of HK$1.5 million for its Citigold account for global customers, he stated.
Wu noted in an interview that there has been a surge in affluent clients from mainland China and other Asian regions showing interest in investing in Hong Kong. This is due to the city's broad array of investment options that enable these clients to broaden their investment base and obtain impressive profits.
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