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Citi’s Hong Kong businesses registered growth across the board, according to an internal memo seen, despite a more than 40 percent drop in profit for the overall group. Citi Hong Kong’s consumer business saw a 44 percent increase in net new money inflows with 9 percent revenue growth in wealth management in 2020, according to an internal memo seen.
Within its institutional business, banking revenues were up 10 percent, backed by a 61 percent increase in investment banking. The memo highlighted equity deals Xinyi Solar and Kerry Express Thailand, the secondary listing of Yum China, and advisory for the privatization of Li & Fung.
Its markets business saw 5 percent growth with its treasury unit as the major revenue performer, benefitting from low-interest rates.
According to Citi’s Hong Kong and Macau CEO Angel Ng, Asia remains key to the success of the bank’s wealth strategy which includes its recent move to merge the whole business from affluent to ultra-high net worth clients. She also highlighted digitalization, Greater Bay Area, and other areas of focus for the business.
A spokesperson confirmed the contents of the memo.
The Hong Kong unit contrasts with that of Citi’s global results which posted flat revenues year-on-year at $74.3 billion with profits down 41 percent to $11.4 billion.
