London/Frankfurt/Paris - Citi has announced that it is further expanding its footprint in Europe with the launch of its new Private Banking offices in Germany and France. The expansion is a crucial part of Citi Global Wealth's strategy, as well as its overall commitment to Europe. With the addition of these two offices, Citi Private Bank will have a presence in 20 countries worldwide.
Citi Private Bank has a longstanding history in both markets, servicing some of the wealthiest families with their international and institutional needs. By increasing the business' in-country presence, Citi Private Bank intends to further grow these existing relationships as well as reach new clients and introduce them to Citi's unique network.
The bank has already begun its hiring process, as well as relocating staff from its Luxembourg bureau to service the new offices, with country head appointments to follow. The bank plans to further increase headcount over the coming months.
Ida Liu, Global Head of Citi Private Bank, said, "We are thrilled to expand Citi Private Bank's global footprint with the opening of our new offices. Paris and Frankfurt are two of Europe's fastest growing ultra-high net worth markets, and our presence on the ground will allow us to better serve our existing clients and build new client relationships."
James Holder, Head of Citi Private Bank Europe, Citi Global Wealth commented: "Our Private Banking business has a clear and unified focus on serving the UHNW segment, and the launch of our offices in both Germany and France will enable us to expand our already truly global service to our clients there. It is exciting to see this business continue to grow. We see tremendous opportunity in both markets and we look forward to cementing our footprint there."
In Germany, the private bank business will be based in Citi's offices in Frankfurt. In France, the private bank business will be based in Citi's offices in Paris.
Citi Private Bank now has nine offices across Europe, with two booking centres serving clients throughout the EEA, Switzerland & Monaco.
About Citi Private Bank
Citi Private Bank is one of the world's fastest growing private banks; dedicated to serving worldly and wealthy individuals and families, providing customized private banking across borders. With a network spanning 162 countries and jurisdictions across six continents, Citi serves over 100 million consumers and an institutional client base of around 13,000. Citi Private Bank helps clients grow and preserve wealth, finance assets, make cash work harder, preserve legacies, and serve family and family business needs through objective advice and a truly open architecture investment platform. The firm offers clients products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance, banking and aircraft finance, as well as art advisory and finance.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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