U.S. banking giant Citi launched a new business in the UAE, in a move to drill deeper into growing regional wealth.
Citi United Arab Emirates opened Citigold and Citi Private Client units in Dubai in a bid to tap into a wider wealth demographic. The new hub will be open for business from March, 2018 onwards, subject to regulatory approval a bank spokesperson confirmed to finews.asia.
The new wealth center will have more than 35 relationship managers and portfolio counselors to service high net worth customers across the United Arab Emirates.
Wealth Management Demand
The move by Citi reflects a growing trend for onshore wealth management in the region. Bank of Singapore, OCBC's private banking unit, currently employs some 50 relationship managers at its branch in Dubai.
One year after entering the market, the bank said it will ramp up staff there, due to growing demand particularly from non-resident Indian clients who have been domiciled in the Middle East for years.
