Citigroup Inc (NYSE: C) Hong Kong chief executive and head of banking Angel Ng said the bank's institutional client business in Hong Kong grew about 20% year-on-year in the first half of this year, with momentum continuing into the second half, giving her confidence that full-year growth can stay at a similar pace.

Ng noted that the Hong Kong-mainland China business corridor continues to show positive momentum, and Citigroup still sees strong client demand for cross-border trade, investment and capital flows. Revenue from the Kazakhstan corridor rose more than 200% year-on-year in the first half, UK corridor revenue grew more than 50%, Taiwan region of China and Thailand corridors each grew more than 40%, and the Saudi Arabia corridor recorded growth of more than 30%.

On wealth management, Ng said revenue for the business posted double-digit growth in the first half, while assets under management and new client growth remained strong.

Ng said corporate client activity remains robust, and Citigroup has recently been in discussions with several large enterprises about plans to set up corporate treasury centres in Hong Kong. Those companies responded positively to the 4T framework proposed under the government's Action Plan for Developing Hong Kong as a Corporate Treasury Centre hub — namely tax reform, continuous expansion of the comprehensive double taxation agreement network, targeted promotion, and talent training and industry communication — and Citigroup has received many enquiries.

Ng also mentioned that Citigroup completed several convertible bond issuances this year, post-listing refinancing activity has been quite active, and the A+H listing trend is expected to continue.