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QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
Citi sees stronger wealthy Chinese client base
    2019-01-30  08:53    Shenzhen Daily

CITIGROUP expects its China wealth management client base to grow faster in 2019 than last year, at more than 30 percent, the bank’s China division chief said, despite the world’s second-largest economy slowing and feeling the pain of a trade war.

Citi’s total number of wealth management clients in China, with at least 1 million yuan (US$148,610.49) in investable assets, grew 21 percent last year, Christine Lam said.

“The fact there’s significant accumulation of wealth in China, that is not going to change,” said the Citi veteran who has worked at the bank for more than three decades and was named China chief executive in 2016.

Citi is planning to invest more in digital initiatives to help expand its distribution reach and take a bigger share of the onshore wealth management business in China, she said.

Foreign banks including Citi, HSBC and Standard Chartered have been investing heavily in courting the mass affluent — those with investable assets of between US$100,000 and US$1 million — in China.

The banks are bullish about the medium to long-term growth prospects in the country with the world’s fastest-growing pool of wealth, even as a trade war with the United States dragged the economy last year to its slowest growth in nearly three decades and caused volatility in markets.

Chinese citizens collectively held investable financial assets of around 133 trillion yuan at end-2017 and the pool would rise to 175 trillion yuan by 2020, consultancy PwC said in a report in October.

Regulatory measures to boost scrutiny and transparency in the wealth management business augur well for foreign players already used to close regulatory scrutiny, it said.

China is one of Citi’s 10 markets in Asia that generate over US$500 million in revenue annually.(SD-Agencies)

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