Citigroup Inc.'s Chinese unit will focus on higher-net-worth individuals as it overhauls its wealth management strategy to better compete with its bigger Chinese rivals, the South China Morning Post reported March 20.
Citibank (China) Co. Ltd. increased the asset threshold requirement for clients of its Citigold wealth management services to at least 1 million yuan from 500,000 yuan previously. The bank also improved its digital and international banking services.
The bank has seen an increase in its wealth management business in China with its assets under management in the country rising by 13% in 2017. It also saw a 9% increase in the number of its wealth management clients in China. The growing number of affluent individuals in China makes the country an attractive prospect for the bank. Citibank said the investable assets held by Chinese investors have grown by 5x in the last decade to 188 trillion yuan.
As of March 20, US$1 was equivalent to 6.33 Chinese yuan.