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Citi Eyes Ultra Wealthy Outside U.S.

Monday, October 04, 2010 - 05:50

Citi Private Bank is diversifying its client base geographically and now has over 50 pct of its clients outside the U.S., says Samir Raslan, General Manager for Citibank Switzerland.

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Citigroup's private banking -- has been making it big push to diversify away. Who was cool client ice in the Americas. And like many of his confesses he's choosing to target the super wealthy. Rather than simply to mask and to tell us whether that approach is delivering more clients and that's -- margins -- joined live from Geneva by some and a wrestler and he's a general manager for Citibank Switzerland. And heads up the global wealth management team for most of Europe Africa. And that keeps me Mr. President thanks very much for being with his. I mean it is this is the shift in emphasis towards the super rich and white from merely be affluent delivering an improvement in margins. Whether first ruled you. We've been in this emerging markets for many many many years and we've been focusing on the segment. Four many years now so this is not exactly a new strategy for us however. Today working with our corporate and investment bank and providing the connectivity for. Our clients across city is definitely a strategy that is working very well for us to say I mean how -- what kind of changes delivering in terms of the way in -- you -- businesses. Is expanding outside of the US I mean what percentage Iraq with the justice and out derived from clients outside of America. Well on the you know as as this as city we have over 50% of our business outside of the United States in the private bank we are. President and in the emerging markets of Asia and Europe and Latin America for many years. The strategy is very simple -- me it's just working with our. Ultra high net worth clients who -- business owners incidentally all these countries who have very successful businesses. Who probably are dealing. -- our corporate and investment bank on the business side and having the private bank. Complement that and provide the the full range of capabilities for these clients. Is definitely adding value to the whole proposition. And is and is that a crucial. Differentiates us for the clothes when they're looking a sense is that city -- off of this is UBS or anybody else Clinton got one stop shop between the commercial banking operations. And the wealth management is that that the key thing that you thing you have to offer to be able to give them probably joined the service. I think so -- these for the clients that we deal with the they look at city is as one city be -- be doing and I -- with our investment bank and then the proceeds of the IPO. They would look at a again a platform that is. That is institution that it nature however skewed towards private individuals. And that's why they like to do with us because we're able to provide that connectivity because. We are of course we offer the tradition. Asset management and then passes on the patient however we can also offer. It platform for some of our clients who are looking for liquidity management were looking for. Waste and -- there their cash while they're waiting to invest and perhaps another business for and so so city can provide. That kind of service in addition to the fact that we do have a very large and active balance -- so some of the clients who would like to borrow against some of their assets. Would look at us for our ability to provide large size capabilities. And that's here okay act and is -- busy being successful in the you luring in new clients I mean they had the -- I'm sitting fed breezes you've seen that. And that guy and cause some the last twelve months. What -- numbers are we talking about. Yes we have been we have been. Getting new clients. We this year has been. A great here for for Russia for example where we have we have expanded -- quite significantly we're. We're expanding in our traditional markets in Asia continues to grow -- these a lot of our key markets. We continue to to be a very very active partner for a Klein its okay well I mean Africa is one of the areas that you responsible for the frontier markets. We'll come and investment trust these few close hopeful that. Well again in Africa we have a very large presence in Africa. For many years whether it's in South Africa whether it's in Nigeria Kenya central. And we were very closely with our branches and our the country officers in those countries to again. Be of service to clients who are working with city on their corporate sides and those countries and -- Africa has been growing. Over 6% over many years a lot of people don't realize that the -- is that there are some opportunities there. Of course selectively and working with our corporate and investment bank on location. Okay all right final words and seal all of us is that as the Switzerland both winning TV thanks. Well I wouldn't put the Singapore versus Switzerland I would put the Singapore. Switzerland Hong Kong new York and London these are our main. Looking centers I don't think anybody is winning we do find. Certain clients who are interest if for example the real estate and Singapore and and doing very well there. Who look at us to finance some of their investments there so we are. So we do open accounts for clients who have a reason to to have an -- and -- poor but we do not see any. Shifts really from Switzerland to Singapore to -- other locations I think it's a matter of but where is the client acted in what kind of opportunities they're finding. But we definitely have a very big presence in Asia both in Singapore and Hong Kong. I promised throughout the -- well populated thanks very much for being with us that was -- private banks and Ruslan.

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Citi Eyes Ultra Wealthy Outside U.S.

Monday, October 04, 2010 - 05:50