Citi expands Singapore wealth arm amid wider Asia retail retreat

Bank doubles down on city-state as a venue to manage private clients

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U.S.-based bank Citigroup said it will open two new wealth advisory hubs in Singapore. © Reuters

DYLAN LOH, Nikkei staff writer

SINGAPORE -- Citigroup on Wednesday announced that it is expanding its wealth management presence in Singapore, even as rivals take over its consumer business units elsewhere in Asia.

The U.S.-based bank said it will open two new wealth advisory hubs in the city-state as the Asian financial center draws increasing interest from the region's rich to manage their portfolios from there.

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