Jun 09, 2015 10:05 Asia/Seoul Time Zone
Citibank named Consumer Bank of Year by AsianInvestor Magazine
SEOUL--(Korea Newswire) June 9, 2015 -- Citibank has been named the leading Consumer Bank in Asia by AsianInvestor Magazine. The award was selected by the editorial team of the magazine and was based on the bank’s superior wealth management platform in Asia Pacific. Paul Hodes, Citi’s Asia Pacific Head of Consumer Bank Wealth Management, picked up at the award at the AsianInvestor awards dinner in May.

In the editorial write up accompanying the award, the magazine said: “In identifying the best distributors of investment products, AsianInvestor seeks to reward those that work to deliver sound solutions to an expanding range of clients across a diversified suite of selected managers. Citi consumer bank has leveraged its infrastructure across 12 markets in Asia to do just that. Where Citi has been successful is in delivering clients high quality advice and products consistently and effectively across Asian markets in the face of rising domestic and international competition.”

The bank’s client assets under management are now over US$250 bn across the 12 markets in Asia where the bank offers consumer banking services.

“A key competitive advantage for Citi is our open architecture platform which enables us to select wealth management products from a wide range of managers with proven money management expertise. This investment product selection combined with our client needs-based advisory model has underpinned our growth in the region. It is a real honor to receive the AsianInvestor Consumer Bank award for the third-consecutive year as recognition for our team in Asia,” said Paul Hodes, Head of Consumer Banking Wealth Management for Asia Pacific.

Citibank has close to 500 branches in Asia Pacific serving over 33m retail accounts. In 2014 the consumer banking division in Asia contributed over US$7bn in revenues or around 50% of the bank’s total revenues in Asia Pacific.
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