Citi’s history in the Asia Pacific region dates back to 1902. Today, the bank employs more than 50,000 people across 16 countries and jurisdictions in the region, including Australia, Bangladesh, China, Hong Kong, India, Indonesia, Korea, Macau, Malaysia, New Zealand, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam. The bank in Asia supports 17 million direct consumer clients and several thousand institutional clients. Asia Pacific generates around a quarter of Citi’s earnings and is the bank’s largest regional contributor outside of North America.
Institutional Clients Group
Citi’s Institutional Clients Group business in Asia comprises Corporate and Investment Banking, Treasury and Trade Solutions, Markets and Securities Services and Citi Private Bank.
Supported by ongoing growth in intra-Asia trade flows and activity, the business continues to see strong momentum in Corporate Banking and Treasury and Trade Solutions across various areas including cash management and trade finance. Citi supports Asia Pacific’s leading corporates across 50 markets with over 20 Asia desks worldwide and has the largest network along the Belt and Road Initiative (BRI), with the ability to do business in 60 out of 70 BRI markets.
The Asia institutional franchise is recognized as the leader in the Markets business, having been consistently ranked at the top spot by Greenwich Associates for being able to increase market share across fixed income, currencies, commodities and equities. In the past year to the first quarter of 2018, Citi in Asia raised more than US$150 billion for Asian clients from international capital markets and advised on over US$100 billion of M&A.
Citi Private Bank in Asia banks one-third the region’s billionaires. The business’ Asia Pacific operation is dedicated to serving clients across 13 countries from offices in Hong Kong, Bangalore, Mumbai, New Delhi and Singapore with a cost-to-income ratio of under 60 percent. In 2017, the Asia Pacific business for Citi Private Bank was the fastest growing for the Citi Private Banking business globally. As of the end of 2017, Citi’s wealth business in Asia recorded US$256 billion in Assets under Management*.
Global Consumer Banking
Citi’s Global Consumer Banking business in Asia spans 17 markets—12 in the Asia Pacific region and five in Europe, Middle East and Africa. The Global Consumer Bank operates a digital, mobile-first business with a light, urban-concentrated footprint with a focus on building digital capabilities across Cards and Retail Banking, including Wealth Management.
In Asia, Citi has over 16 million credit card accounts, which are increasingly acquired and serviced digitally. More than one in three credit cards are acquired digitally. Using an open banking architecture, the Cards business in Asia has led the way in building strategic and digital partnerships to build scale and be present where the bank’s customers are. Citi was the first to introduce Pay with Points and Shop with Points in the region, allowing credit card users to use their rewards to make payment with selected merchants, including Amazon. With nearly 100 APIs in 15 markets, the bank continues to introduce more closely integrated partnerships, including white-label opportunities.
In markets including China and Thailand, Citi is present in social messaging platforms, including WeChat, AliPay and LINE. Over 66 percent of payments in China are done through AliPay.
Citi’s Wealth Management business in the region caters to more than 400,000 emerging affluent and affluent customers through three distinct value propositions: Citi Priority, Citigold and Citigold Private Client. Led by Wharton-trained Relationship Managers, the business offers customers a personalized experience supported by digital tools and advisory to track, benchmark and analyze portfolios.
Aligned to the business’ digital priority and mobile focus, Asia has led the way for various innovations globally and in Asia. In 2018, Citi’s chatbot on Facebook Messenger was launched in Singapore, a first for Citi worldwide. Citi was also the first bank to introduce voice biometrics authentication on a large scale in the region, allowing customers to authenticate themselves in 15 seconds or less when they call into CitiPhone—Citi’s phone banking and customer service channel.
*Includes Assets under Management from the Consumer Banking Wealth Management business