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Citigroup adds 15,000 wealth clients in H1 as Asian push grows

Citigroup has added over 15,000 wealth clients in the Asia Pacific region during the first half of the year, marking a significant push into money management as the business shows signs of recovery. In the second quarter, new client acquisition grew by 36% year-on-year, and wealth revenues in the Asia Pacific increased by 4% compared to the previous quarter, according to a spokeswoman for the New York-based firm. Citigroup is competing with rivals such as UBS Group, HSBC Holdings, and JPMorgan Chase for a larger share of wealth revenues in Asia Pacific, a region that holds approximately USD55tr in financial wealth, according to a Boston Consulting Group report. As part of its strategy, Citigroup has rehired Andy Sieg from Bank of America to lead its global wealth division and has also recruited a team from Credit Suisse Group in Hong Kong.

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