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Citi targets $6B wealth management assets in South Korea by 2020

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Citi targets $6B wealth management assets in South Korea by 2020

Citigroup Inc. is aiming to double the wealth assets it manages in South Korea to about $6 billion by 2020, Reuters reported March 27.

According to the report, Citi will expand its target wealth management customer base by 50% through new offices to be set up in Seoul, Dogok and Bundang. It is also targeting a 30% increase in its banking deposits, currently sitting at $10 billion.

The New York-based company is also planning to increase investments in digital technology and acquire 80% of new credit card customers through digital platforms by 2020, the publication noted.