Citi will treble its Australian wealth management business by 2020, announcing plans to rapidly expand its client base and increase staff by more than 100 over the next three years.
The firm is focusing on meeting the needs of Australia's rapidly growing affluent high-net-worth segment by targeting those with more than $1 million to invest.
It plans to triple its client base and hire 100 new relationship managers to support the expansion strategy. In March, Citi Australia added four new hires to the wealth management business.
During 2016, the firm saw a 30% increase in net new money for investments and a 14% increase in assets under management year-on-year.
Citi Australia is also boosting its digital capabilities by rolling out new service platforms and tools such as Total Wealth Access and Portfolio 360, which provide a holistic view of clients' investment portfolios. It will introduce new products and solutions including a digital currency account tailored for clients investing and transacting in a range of currencies.
Video banking, whereby clients can see and speak to a relationship manager and product experts securely via chat, audio and video calls within the Citi mobile app is also due to launch.
Head of Asia-Pacific retail banking Gonzalo Luchetti said: "Australia has the third largest pool of high-net-worth individuals in Asia Pacific with more than 230,000 people with $1 million or more in investible assets; and with nearly 70% of high-net-worth individuals in APAC holding investments outside their home country, there is opportunity for Citi Australia to leverage its global brand awareness in the region and capture a larger share of this group."
He added Citi has been an adviser and manager of choice for wealthy individuals and families globally for the past 200 years and this is an opportunity to leverage that expertise and better serve and grow clients in Australia.
Citi Australia managing director and head of retail banking Janine Copelin said: "Citi is well placed to capture a greater share of the high-net-worth market in Australia given Citi's global expertise in private banking, and a deep local understanding of this segment's priorities and drivers that are steeped in credible research and insights."
Citi manages US$218 billion across Asia Pacific and has more than 400,000 investment clients.