Citigroup serves Asia's billionaires with new unit

People walk past a branch of Citibank in Tokyo April 27, 2007. Citigroup's newly created unit to serve Asia's super-rich plans to hire 10 high profile bankers and aims for annual revenue growth faster than its wealth business in Asia, the head of the unit told Reuters on Friday.

SINGAPORE (Reuters) - Citigroup's (C.N) newly created unit to serve Asia's super-rich plans to hire 10 high profile bankers and aims for annual revenue growth faster than its wealth business in Asia, the head of the unit told Reuters on Friday.

The mega-wealth unit has been created to advise clients on investments, business alliances and wealth preservation. Many of those customers would be billionaires in key centers such as Singapore, Hong Kong, Taiwan and Indonesia, said Akbar Shah, head of Citigroup's mega-wealth unit for Asia-Pacific.

"Ideally, I would have a team of 10 senior private bankers, with each banker managing 10 to 15 client relationships representing $2.5 billion in assets and earning $25 million in revenue each," said Shah.

The unit caters to people with at least $250 million in tangible net worth -- such as businesses -- including at least $50 million in investable assets.

Akbar said his unit aims to beat the growth Citi's wealth management unit has seen in the last five years.

Citi's wealth management business in Asia has seen its revenue, net income and client assets grow at an average annual rate of 15-25 percent in the last five years, the bank said.