Citigroup is accelerating its plan to recruit additional 700 private bankers across Europe following the opening of its two new offices in Paris and Frankfurt, reported Bloomberg News.

The New York-headquartered lender is currently shifting its Luxembourg-based staff to the new locations with plans to hire new employees in the coming months.

The new offices are located at the bank’s existing locations in both cities.

Citigroup Private Bank global head Ida Liu told the news agency in an interview: “Paris and Frankfurt further solidified the globality of the private bank, which already operates in 52 cities in 20 countries.”

The bank’s hiring spree in its private-banking division follows its scheme to expand the business of serving the ultra-rich.

Last year, Citi brought together its private banking and wealth management divisions as part of an ambitious plan by current CEO Jane Fraser to improve the group’s returns.

The bank serves around 10,000 customers with an average net worth of over $400m. In 2021, it had $4bn in revenue, up 6% from a year earlier.

Hiring plans in Asia

Last month, a report by SCMP said that Citi is planning to recruit more wealth managers in Hong Kong as it strengthens its private banking push with a focus on China’s Greater Bay Area.

The bank, which is said to be the biggest foreign lender in Hong Kong in terms of employee headcount, plans to increase its employee headcount in the city to 1,000 by 2025.

Last year, the bank hired 100 staff in the city.