CORRECTED-(OFFICIAL)-Citi overtook UBS, as private banks' Asia assets edged up in 2011

Mon Nov 5, 2012 5:36am EST

(Private Banker International has corrected a press release
issued on Oct 24 which showed a higher assets figure for HSBC in
2010. With the revision, assets for HSBC and the industry rose
slightly in 2011 from 2010)
    SINGAPORE, Oct 24 (Reuters) - Citigroup overtook UBS
AG to become the top private bank in the Asia-Pacific
last year, industry publication Private Banker International
said on Wednesday.
    Asian assets under management at the top 20 private banks in
the region edged higher to $1.099 trillion from $1.083 trillion
in 2010 amid efforts by several banks to expand their wealth
management business. 
    HSBC remained in third place with assets under
management of $129 billion last year, a slight increase from
$128 billion in 2010.
    Private Banker International said foreign banks continued to
dominate Asia's wealth management business although Asian
lenders such as DBS Group made inroads last year.
    The number of wealthy Asians exceeded the ranks of rich
North Americans last year but Asian fortunes shrank slightly,
Capgemini and RBC Wealth Management said last month.
 
    HSBC announced the sale of its Japanese private banking
operations to Credit Suisse last year and the British
bank is scaling down its businesses in other Asian countries
such as South Korea and Pakistan.
    But other players such as Standard Chartered, DBS
Group and Royal Bank of Canada are keen to
grow their Asian wealth management business, the companies have
said.       
    Asia's largest private banks by AUM, in billion US$
    according to ranking by Private Banker International        
 
 Rank  Bank                     2011        2010
    1  Citigroup*               193         179
    2  UBS                      179         182
    3  HSBC**                   129         128
    4  JP Morgan                105         111
    5  Credit Suisse             89          84
    6  Bank of America           46          51
       Merrill Lynch***                  
    7  Deutsche Bank             43          39
    8  BNP Paribas               40          40
    9  DBS                       39          35
   10  Standard Chartered        35          32
 * includes Citigold clients who are considered high net worth
individuals
** HSBC figures comprise assets under management from only Hong
Kong, Singapore, India, China, Taiwan, Japan and its Private
Wealth Solutions unit    
*** estimates by Private Banker International

 (Reporting by Kevin Lim; Editing by Muralikumar Anantharaman)