Citi Private Bank has been named Best for Ultra-High Net Worth (UHNW) in Asia by Asiamoney as part of the publication’s 2023 Asia Private Banking Awards. The awards program also recognized Citi Private Bank as Best for UHNW in Hong Kong.
Steven Lo, Asia Head of Citi Private Bank said, “We are honored to receive these awards from Asiamoney as we strive to serve our clients with excellence. We leverage our global network, sophisticated institutional franchise, and product as well as investment expertise to cater to the complex needs of global clients. These recognitions are testament to our great team in Asia and we remain committed to delivering the best of Citi to our clients.”
Pointing to Citi Private Bank’s strengths including the its customized approach in meeting clients’ needs, Asiamoney said, “With more than US$740 billion1 in client assets in its global wealth management business, Citi embodies the modern-day financial behemoth. For all its scale though, Citi Private Bank hasn’t lost the ability to customize its way of doing business, not just to succeed in Asia but to set the pace.”
“The private bank’s strong partnership with Citi’s global banking and capital markets advisory teams provides institution-wide expertise to clients,” Asiamoney added, noting that “The team … offers innovative and comprehensive investment strategies, ranging from traditional and alternative investments to capital markets and basic services such as portfolio management, trust and estate planning, investment finance, banking, and aircraft and art financing.”
Asiamoney also called out Citi Private Bank’s proposition for next-generation clients, Investing with Purpose program, and increasing focus on sustainability which is “putting the bank on the front foot of the ESG evolution”.
Citi banks one-third of Asia’s billionaires. Despite challenging headwinds in 2022, Citi Private Bank saw momentum in client acquisitions and double-digit growth in its alternatives business. In the first quarter of 2023, the business doubled new client acquisitions year-on-year.