Citibank HK wins more customers

Business | Avery Chen 23 Feb 2021

Citibank Hong Kong saw the number of new retail customers rise 12 percent in 2020 from a year ago, despite facing challenges in declining credit card balances and insurance business, said chief executive and consumer business manager Lawrence Lam Chi-kong.

The lender aims to double its new client numbers in the next two years, driven by its new Citi Plus digital banking service, which offers preferential rates for customers, Lam said.

In 2020, the number of credit card clients rose 19 percent, he said. Revenue from digital banking doubled last year amid the Covid-19 pandemic, with 80 percent of clients using the e-channel. Revenue from consumer banking grew 9 percent, while net new money surged 44 percent, he said.

He expects local retail sales will be back to growth this year as the epidemic eases, but is less likely to return to pre-Covid levels.

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