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.

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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

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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.