Citigroup has remained focused on taking its new hires up to 1,000 for the business by 2025 after adding 100 last year, amid growth and stiffer rivalry in China’s Greater Bay Area. Horace Yip, head of Citi Private Bank’s operations in Hong Kong, said the GBA, with an expanding pool of multimillionaires, has turned the region into a fertile ground of opportunities. Yip said tax incentives and other Hong Kong government’s efforts to promote family offices will attract more wealthy families to invest here. Citigroup will join rivals such as HSBC, Standard Chartered and Bank of China (Hong Kong) which have expanded their wealth management team in Hong Kong in recent years, despite pandemic chaos. The introduction of the Wealth Management Connect scheme last September has encouraged banks to grow their clientele to boost income squeezed by decades of near-zero rate policies worldwide.
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