All posts by MalayMail

Citibank named consumer bank of the year

HONG KONG — Citibank (Citi) has been named the leading consumer bank in Asia by AsianInvestor magazine for its wealth management business. The award was selected by the editorial team of the magazine and was based on the bank’s superior wealth management platform in Asia.

In the editorial write-up accompanying the award, the magazine said: “Citi’s wealth management business in Asia rode out powerful headwinds to enjoy strong performance, partly as a result of its enhanced portfolio management tools, digitalisation and client engagements.”

During the last 12 months, Citi continued to enhance its client engagement tools, such as rolling out the Portfolio 360 offering to new markets and launching the new Citigold
Diversification Index.

Portfolio 360 provides comprehensive investment analytics reports under various stress test scenarios and the CDI assesses client’s portfolio diversification across asset classes.

Both have helped further support clients of the bank in the region to assess their portfolios and navigate sometimes challenging markets.

The bank’s client assets under management are now over US$210 billion (RM837.9 billion) across the 12 markets in Asia where the bank offers consumer banking services.

Product-wise, Citi expanded its open-architecture fund offering to include liquid alternatives, and continued to bring in new funds to offer non-correlated products. It also moved to further enhance the wealth management knowledge of its relationship managers by partnering with the

Wharton Business School on a three-year executive education programme.

“A key competitive advantage for Citi is being able to deliver expertise in wealth management by raising the level of advisory through new tools and an expanded product offer, via our open architecture platform delivered by a highly skilled team of relationship managers, portfolio

counselors and product specialists.

“It is a real honour to receive the AsianInvestor Consumer Bank award for the fourth-consecutive year as recognition for our team in Asia,” said Asia Pacific head of consumer banking wealth management Paul Hodes.