Citi Private Bank seeks to capture a larger slice of the wealth management business represented by the global Indian diaspora and the domestic Indian markets with two new appointments.
Citi's recent appointment of Varun Chugh (pictured above) as the Global Market Manager for the Global India and Puneet Sanwalka as the Head of India Onshore business marks part of a two-pronged strategy to expand the private bank’s Indian business. Citi reported these appointments were effective Monday.
Chugh is an industry veteran who joined Citi in September from DBS Bank in Singapore, where he ran its Global South Asian Team, as reported by finews.asia earlier. Puneet had held various senior roles at Citi’s Global Consumer Banking business in India, including Business Development for Citigold and Citibusiness, and Head of Consumer India Strategy. He had also completed a stint in the Real Estate and Mortgage Financing team before that.
Largest Diaspora Population
India has the largest diaspora population in the world, with as many as 16 million Indians living outside the country they were born in, according to United Nations report on migration trends.
Of them, a significant proportion are ultra-high net worth (UHNW) families, concentrated in Southeast Asia, Hong Kong, Australasia, the Gulf region, East Africa, the United Kingdom, the United States and Canada.
Mantra of Globalization
«The mantra of globalization is something the Indian diaspora has been practicing for centuries. We have offices and bankers across these markets and we are well-positioned to better serve this worldly and wealthy population,» said Jyrki Rauhio, South Asia Head for Citi Private Bank.
«For many of these families, their business footprint is multinational and their investment appetite is equally eclectic. They are investing in overseas assets such as commercial and residential real estate, and are represented by family offices and family members in locations around the world,» added Rauhio.
