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Citigroup Aims to Extend Footprint in Asia-Pacific Region
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Per a Financial Times article, Citigroup (C - Free Report) is planning to serve clients in Asia with assets as low as $50,000, with services that it generally provides to the high-end clients.
The bank is providing portfolio diversification and wealth planning services to its Citigold and Citi priority customers. Citi priority covers clients with assets of about $50,000-$150,000 while Citigold provides to those with assets in the range of $150,000 to $10 million.
After having grown assets by 17% in 2017 in the Asia-Pacific region, the New York-based lender is seeking to achieve similar growth rate in the region in the current year.
Citigroup offers its high-end clients in some parts of Asia — diversification index — which warns them of being significantly exposed to certain assets along with back-testing portfolios for previous crises.
In 2018, the bank will spread this index’s approach more widely along with a total wealth adviser platform. The platform enables relationship managers to track client portfolios in real time.
Gonzalo Luchetti, head of retail banking operations in Asia Pacific for Citigroup, expects assets under management to grow indouble digits in the years ahead on the back technological developments. He also noted that the bank has more than 80% of its relationship managers based in hubs, which will drive growth.
Citigroup, with its global footprint and attractive core business, seems to be well poised for growth. Also, backed by an improving domestic economy amid the rising rate environment, as well as anticipated potential ease of regulations under President Trump’s administration, the bank is likely to continue delivering strong results in quarters ahead.
Shares of Citigroup have gained 26.9% over the past year, outperforming 14.9% rally for the industry it belongs to.
Some other stocks worth considering in the same space are The PNC Financial Services Group (PNC - Free Report) , State Street Corporation (STT - Free Report) and Northern Trust Corporation (NTRS - Free Report) . All these stocks carry a Zacks Rank of 2.
The Zacks Consensus Estimate for PNC Financial has increased 1.3% for the current year, in the last 30 days. The company’s share price has increased 24.7% in the past year.
State Street has witnessed 4.1% upward earnings estimate revision for 2018, in the last 30 days. Its share price has risen 29.9% in the past year.
Northern Trust’s shares have gained 19.1% in a year and its earnings estimates for 2018 have moved up 1.3% in the last 30 days.
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Image: Bigstock
Citigroup Aims to Extend Footprint in Asia-Pacific Region
Per a Financial Times article, Citigroup (C - Free Report) is planning to serve clients in Asia with assets as low as $50,000, with services that it generally provides to the high-end clients.
The bank is providing portfolio diversification and wealth planning services to its Citigold and Citi priority customers. Citi priority covers clients with assets of about $50,000-$150,000 while Citigold provides to those with assets in the range of $150,000 to $10 million.
After having grown assets by 17% in 2017 in the Asia-Pacific region, the New York-based lender is seeking to achieve similar growth rate in the region in the current year.
Citigroup offers its high-end clients in some parts of Asia — diversification index — which warns them of being significantly exposed to certain assets along with back-testing portfolios for previous crises.
In 2018, the bank will spread this index’s approach more widely along with a total wealth adviser platform. The platform enables relationship managers to track client portfolios in real time.
Gonzalo Luchetti, head of retail banking operations in Asia Pacific for Citigroup, expects assets under management to grow indouble digits in the years ahead on the back technological developments. He also noted that the bank has more than 80% of its relationship managers based in hubs, which will drive growth.
Citigroup, with its global footprint and attractive core business, seems to be well poised for growth. Also, backed by an improving domestic economy amid the rising rate environment, as well as anticipated potential ease of regulations under President Trump’s administration, the bank is likely to continue delivering strong results in quarters ahead.
Shares of Citigroup have gained 26.9% over the past year, outperforming 14.9% rally for the industry it belongs to.
The stock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other stocks worth considering in the same space are The PNC Financial Services Group (PNC - Free Report) , State Street Corporation (STT - Free Report) and Northern Trust Corporation (NTRS - Free Report) . All these stocks carry a Zacks Rank of 2.
The Zacks Consensus Estimate for PNC Financial has increased 1.3% for the current year, in the last 30 days. The company’s share price has increased 24.7% in the past year.
State Street has witnessed 4.1% upward earnings estimate revision for 2018, in the last 30 days. Its share price has risen 29.9% in the past year.
Northern Trust’s shares have gained 19.1% in a year and its earnings estimates for 2018 have moved up 1.3% in the last 30 days.
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>