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November 30, 2010updated 04 Apr 2017 3:52pm

Citi boosts UK push for entrepreneurs, UHNWIs

Citi Private Bank is making a concerted effort to boost its profile in the UK and is honing in on entrepreneurial clients said its UK private banking head David Poole

By Nicholas Moody

Citi Private Bank is making a concerted effort to boost its profile in the UK and is honing in on entrepreneurial clients.

Its UK private banking head David Poole told PBI the bank is also making a pronounced effort to take more market share of the global ultra high net worth segment. Citi sees clients with $25m and more as its core target market.

Poole said that in the next few years gains are not going to come from market gains.

“Given the uncertainties of the economic outlook, growth is likely to come, in the short term at least, from attracting a larger market share from competitors and wallet share from clients,” he said.

 

Building out its UK workforce

It is building out its workforce and has employed about 25 new staff in the UK, including Joss Mitchell from HSBC as its new head of UK business development in 2010.

This is part of wider plans to increase its global private banking footprint.

Earlier this month, Citi’s global private banking head Jane Fraser said the bank wanted to add about 300 new staff, many of whom will be client facing around the world, primarily in the US, Asia, Europe, the Middle East and Africa.

 

Citi partners with MFOs

Poole said Citi has started partnering up with multi-family offices (MFOs) to offer them the top-end services that they can not necessarily provide to their clients.

“Gone are the days of MFOs and banks saying (to each other) we can do it better than you. We need to be more egalitarian and work together in the client’s interests. I think that way of thinking will begin to prevail,” said Poole.

 

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