Citigroup will hire 100 new advisors in Australia over the next three years as it looks to triple the size of its wealth management business.
Citi plans to expand its offerings to high net worth investors, those with more than $1 million to invest, which it said is a rapidly growing segment of its client base.
Australia has the third largest pool of high net worth individuals in the Asia-Pacific region, with more than 230,000 people with $1 million or more to invest, Citi's head of Asia-Pacific retail banking Gonzalo Luchetti said in a statement.
The bank is already among the top three largest wealth managers in the region, currently managing $US218 billion for more than 400,000 clients.
Its Australian wealth arm posted a 14 per cent increase in assets under management in 2016, the bank said.
Citi wants to triple the number of its clients in the affluent and high net worth segment, by increasing its focus on face-to-face service and digital innovation.
Australia is home to the world's fourth-largest pension pool with $2.3 trillion in assets, and wealth managers have benefited from heavy inflows into its giant superannuation industry.
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