As it digests the Smorgasbord of businesses acquired by taking over Credit Suisse, UBS will be busy cleaning the plates for months. In Asia's growth markets, competitors are jostling for a place at the table.
Citi Global Wealth – Citi's wealth division which services clients from the affluent to ultra-high net worth segment – gained 15,000 new clients in the first half of the year, as finews.asia reports from a conference sponsored by Citigroup in Singapore.
Its customer base is growing particularly quickly in the business with asset managers and the offices of wealthy families, and Citi expects similar growth for the second half of the year.
UBS Leads. For Now
As the current ranking of the largest private banks in Asia compiled by finews.asia, shows, Citigroup doesn't rank among the top ten providers in the region. The wealth management divisions of UBS and Credit Suisse occupy first and third place respectively. With its acquisition of Credit Suisse, UBS is cementing its regional supremacy.
The rapid pace at which Citigroup is catching up in the market shows the market leader it shouldn't take its top spot for granted. If it's too preoccupied with the integration, competitors like Julius Baer and LGT will sense blood in the water and strike.
