Citigroup targets S. Korea expansion

HONG KONG: Citigroup Inc plans to double its wealth management assets in South Korea to around US$6 billion (RM26.46 billion) by 2020 and is setting up new offices and investing in digital technology to attract new customers. Asia has emerged as a key battleground for global wealth managers, with higher economic growth, rapidly rising wages and a thriving entrepreneurial ecosystem producing rich clients at a pace faster than in the West. It plans to grow its target customer base in wealth management by 50 per cent by 2020.