2007'02.01.Thu
Citigroup Private Bank Opens First Office in Mainland China

March 29, 2006

Expects China to be Asia's Largest Wealth Management Market within a Decade
SHANGHAI, China, March 29 /Xinhua-PRNewswire/ -- Citigroup opened its first Private Bank office in mainland China today at a ceremony at Citigroup Tower attended by Todd Thomson, Chairman & Chief Executive Officer of Citigroup Global Wealth Management. (Photos: http://xprnnews.xfn.info/Citigroup/CitigroupPhoto1.htm http://xprnnews.xfn.info/Citigroup/CitigroupPhoto2.htm http://xprnnews.xfn.info/Citigroup/CitigroupPhoto3.htm ) The Citigroup Private Bank business model, as practised in the United States and other markets, is centred on a holistic approach to wealth management for both individuals and businesses throughout the wealth creation cycle. The new Shanghai Private Bank office (which will operate as a unit of Citibank, N.A., Shanghai Branch) underlines Citigroup's commitment to taking a leadership position in serving the nascent Chinese wealth management market, which Citigroup believes could be the largest wealth management market in Asia (excluding Japan) within a decade. Citing China's entrepreneurial culture, high savings rate and fast-paced modernisation of its banking sector, Mr. Thomson said: "In 10 years, probably less, we may be witnessing Asia's single largest market in terms of investible assets among the high net worth population." "This is an investment for the future. Building a modern banking system has been one of the country's priorities since the late 1980s. We want to play an active role in the growth and development of China's wealth management sector," said Mr. Thomson. Presently, the office will offer approved foreign currency products to Chinese and foreign residents and approved local currency products to foreign residents. Over time, the product suite will be expanded, as regulations permit. Private Investment Banking Mr. Thomson continued: "We are excited to deliver the global experience of Citigroup to China's entrepreneurs and to help develop the nascent wealth management market. Through the Citigroup Private Bank, these entrepreneurs will now have a window into the global opportunities, information and relationships of the world's largest bank." "In addition to asset allocation and planning for their local financial services needs, the Citigroup Private Bank is uniquely positioned to offer a wide range of advice to entrepreneurs as they build their businesses for the future and consider capital needs. We will share with our clients our knowledge of global capital markets and provide them networking opportunities with their business industry counterparts around the world, many of whom are also our clients. We will also work with these entrepreneurs as they build their wealth to ensure they protect and grow it for future generations." The Citigroup Private Bank has a strong track record in developing a business from scratch in many emerging markets across the world. In the Asia-Pacific region, Citigroup has the largest footprint of the private banks, with offices in 11 countries including China. It manages nearly US$60 billion in client's assets. More than 6,000 high net worth individuals (at least USD10 million in net worth), including half of Asia (ex-Japan)'s billionaires, count as clients of The Citigroup Private Bank. Leveraging the Citigroup franchise in China It is also anticipated that The Citigroup Private Bank will establish offices in other Citibank branches in China with regulatory approval. "The Citigroup Private Bank already has some significant competitive advantages in China given the long history and strong position in the country of its parent company, Citigroup," said Richard Stanley, Citigroup's Chief Executive Officer for China. "There are many opportunities for synergies between the private bank and our existing operations in China, and we look forward to the private bank becoming an integral part of the Citigroup franchise, as we continue to expand our coverage of financial services in the China market," Mr. Stanley said. "Our immediate focus is to organically grow our wealth management business in China through the local office and by leveraging the network of Citigroup's corporate and investment banking and retail banking franchise," said Deepak Sharma, Chief Executive Officer of Citigroup Global Wealth Management Asia-Pacific & Middle East. "In addition, our new office will provide Citigroup an opportunity to take a leadership role in helping to train and develop local wealth management professionals," he said. Citigroup's roots in China date back to 1902 with the establishment of a commercial banking office in Shanghai. Today, Citigroup's China operation serves a broad base of customers including multinationals, joint ventures, local enterprises and residents. Its business by products covers a wide spectrum of consumer, commercial and merchant banking activities. Growing Wealth Market in China Mr Sharma added: "China is among the fastest growing economies in the world, and its high net worth population is expanding in tandem, demanding a more sophisticated range of financial instruments to help them meet their wealth management needs and goals." According to one industry study, China accounted for US$910 billion in Assets Under Management (AUM) among the affluent (minimum US$100,000 in net worth) in 2004, of which US$ 530 billion were held by 'millionaire households' (with AUM of at least US$1 million). (1) (1) Boston Consulting Group Global Wealth Report 2005 Another industry report estimates that there are at least 300,000 millionaires in China. (2) (2) Merrill Lynch Cap Gemini World Wealth Report 2005 Looking ahead, total AUM in China is expected to grow to $1.73 trillion by 2009 at a CAGR of nearly 14% per annum, ranking China as one of the fastest growing markets in the world. (3) (3) Boston Consulting Group Global Wealth Report 2005 About The Citigroup Private Bank The Citigroup Private Bank, one of the largest private banking businesses in the world, provides personalized wealth management services for clients through 126 offices in 90 cities in 37 countries. The Citigroup Private Bank offers unmatched global reach, coupled with a full range of portfolio management and investment advisory services, an array of structured lending and banking services, as well as expertise from the Global Corporate and Investment Bank. Citigroup Private Bankers act as financial architects, designing and coordinating insightful solutions for individual client needs, with an emphasis on personalized, confidential service. The Citigroup Private Bank provides services and products through various Citigroup affiliates. Not all services and products are available at all locations. About Citigroup Citigroup (NYSE: C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Additional information may be found at http://www.citigroup.com . Issued by The Citigroup Private Bank, a business unit of Citibank N.A. Shanghai Branch. For further information, please contact: MR STEPHEN R THOMAS Citigroup Corporate Affairs China Tel: +86-21-2896-6369 Fax: +86-21-5879-5933 Email: stephen.r.thomas@citigroup.com MR JACK SUNG Corporate Communications Citigroup Global Wealth Management - Asia-Pacific & Middle East Singapore Tel: +65-6328-4532 HP: +65-9667-9411 Email: jack.sung@citigroup.com SOURCE The Citigroup Private Bank
PR
Post your Comment
広告
ブログ内検索
アーカイブ
カウンター