Citigroup’s Asia Q1 wealth revenue rises 20% on strong private banking growth

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HONG KONG (Reuters) – Citigroup (NYSE:C)’s Asia wealth revenues increased 20% in the first quarter of 2023, backed by investment gains and strong acquisition of new private banking clients, according to a company spokesperson.

The firm’s institutional business, including banking, services and markets, recorded $2.4 billion in first quarter revenue, up by 6% from the same period last year.