Citi UAE expects to triple assets under management to $15bn by 2025

Citibank UAE plans to expand its assets under management (AUMS) portfolio threefold to $15bn by 2025.

The bank is also targeting to quadruple its wealth client base over the next five years and will be doubling the size of its new relationship managers (RMs) to support this customer growth.

Citibank expects growth to be driven by a mix of physical and digital products as well as extending its institutional products and content for retail clients. The increasing use of technology to offer wealth advice on demand will also support expansion, it adds. This will be via a combination of advisory from Citi’s RMs and as well as remote advisory and wealth management tools.

Citi currently maintains two Citigold lounges located in Dubai and one in Abu Dhabi. Since their launch, Citi has onboarded close to 3,000 new Citigold customers. About 40 per cent of these customers have availed its investment or insurance products.

Read: MENA’s open banking platform, Tarabut Gateway, launches in UAE

In the last year, the bank has grown its mobile users across the Asia Pacific region by over one million with a new mobile banking experience that includes wealth management digital tools such as portfolio diversification indexing and stress testing abilities.

These will be rolled out to the UAE as well, along with video banking engagement that the Bank has rolled out further across the region for RMs to speak with clients on demand. In the UAE, 95 per cent of Citi’s customer transactions are done online through its mobile app.

“With the further investment in our platforms and talent pool, the expanded clientele will be able to book and manage their wealth across multiple jurisdictions through a single universal relationship manager,” said Dinesh Sharma, Citi Middle East head of Consumer Banking.

“This, combined with Citi’s research capabilities, will ensure that we remain a top provider of integrated wealth management services in the country.”