C.nyse

Citigroup plans to invest $3 billion to $4 billion in its consumer operations, mainly in emerging markets over the next two to three years . About half of that amount will probably go to Asia. Citigroup, HSBC Holdings and Standard Chartered are among global banks expanding in Asia, where economic growth and wealth creation are outpacing the U.S. and Europe. The Asian consumer banking unit boosted income 52 percent to $2.17 billion last year, making it Citigroup’s second-biggest earner. “The opportunity is very significant,” Jonathan Larsen, Citigroup’s head of consumer banking for the Asia-Pacific region, said in an April 1 interview. “I think the broad trend will continue, i.e. the growth of the middle class, the increase in concentration of affluent, the increase in growth of consumption.” The New York-based bank today announced measures to target what it calls Asia’s “emerging affluent” people -- those with net worth of $10,000 to $100,000. Asia has about 600 million people with net worth of $10,000 to $100,000, and financial-services revenue from that group is forecast to grow as much as 15 percent a year in most countries.