Citigroup has unveiled plans to hire more than 100 new relationship managers for its wealth Australian management unit over the next three years, as it seeks to triple its wealthy client base in the country.
The plans were unveiled as Citi Australia recorded a 14% year-on-year rise in assets under management in 2016.
Citigroup head of Asia-Pacific retail banking Gonzalo Luchetti said: “Australia has the third largest pool of high-net-worth individuals in Asia Pacific with more than 230,000 people with $1 million or more in investible assets; and with nearly 70% of high-net-worth individuals in APAC holding investments outside their home country, there is opportunity for Citi Australia to leverage its global brand awareness in the region and capture a larger share of this group.”
The Australian expansion plans follows the group’s similar plans for Asia Pacific, where it aims mid-teen growth in its high net worth client base in 2017. The group currently manages $218bn in Asia Pacific.
At the same time, the banking group also intends to strengthen its digital initiatives. This includes plans to roll out digital service platforms to offer clients access to their investment portfolios, digital currency accounts, and video banking within its mobile app.