Following a robust year for growth, the US bank's wealth arm in Asia wants the pace to stay fast in 2018.

The consumer banking arm of Citigroup targeting mass affluent and high net worth clients below its private banking threshold (ultra-high net worth clients) is targeting double-digit growth in clients and assets this year.

The US-listed bank said its mass affluent business expanded AuM by 17 per cent in 2017, driven by a 13 per cent year-on-year client growth rate and net new money flows. Investment sales came in at $10.7 billion in the fourth quarter of last year, surging 47 per cent on the same quarter a year before. (By comparison, private banking revenues increased 15 per cent to $771 million, driven by growth in clients, loans, investments and deposits, as well as improved spreads, as reported in January.)

Citi is looking to acquire more emerging affluent and affluent clients which it serves through three distinct value propositions: Citi Priority, Citigold and Citigold Private Client; these propositions cater to clients from $25,000 to $10,000,000 in investable assets.

“Our segment-led client-centric strategy is generating strong results and fueling our growth momentum. Over the past two years we have reallocated resources to build out wealth management hubs, accelerated digital investments to better engage with clients and invested in strengthening our core value propositions,” Gonzalo Luchetti, head of retail banking for Citi Asia Pacific, said. 

“We are confident of continuing to match the growth we are seeing through 2018 across our wealth value propositions,” Luchetti continued. 

Citi is not alone in targeting Asia for growth, as seen by the pivot to the region by groups such as HSBC, UBS and Credit Suisse, for example. According to The Boston Consulting Group’s Global Wealth 2017 report, Asia Pacific is set to become the world’s wealthiest region by 2019. At present, Citi has 69 wealth management hubs in region.

Asked whether the targets would be matched by similar goals for the private bank, a spokesperson said the objectives only applied to consumer banking.