SINGAPORE Citigroup (C.N) overtook UBS AG UBSN.VX 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 (HSBA.L) 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 (DBSM.SI) 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 (CSGN.VX) 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 (STAN.L), DBS Group (DBSM.SI) and Royal Bank of Canada (RY.TO) are keen to grow their Asian wealth management business, the companies have said.
(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)
(Reporting by Kevin Lim; Editing by Muralikumar Anantharaman)