Citigroup is relocating private bankers to Dubai and is expected to increase hiring amidst rising private wealth in the region.
The firm’s family office business head in the MENA region and private banking head for U.A.E. Anthony Habis told Bloomberg, "We’re seeing more family offices relocating to Dubai from Europe and other parts of the Middle East as Dubai becomes even more of a a prominent financial hub. Most of our MENA banker population is based here in Dubai."
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Habis said that Mark Mills, designated as the managing director and investment counselling head for Middle East and North Africa, as well as two other private bankers have relocated to Dubai from London in 2015.
According to a June 2014 report by the Boston Consulting Group private wealth in the Middle East and Africa jumped 12% to $5.2tn in 2013.
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