Citigroup Private Banking head Damian Kozlowski said the bank is seeking to develop its onshore presence as it tries to tap into a growing t...

Citigroup Private Banking head Damian Kozlowski said the bank is seeking to develop its onshore presence as it tries to tap into a growing trend towards the regionalisation of private banking. Speaking in an interview with Le Temps, Mr Kozlowski said: "On a global level, 45 per cent of assets are offshore compared to 55 per cent which are managed locally. “The 45 per cent portion is in decline and we are moving towards an onshore world. We are witnessing a regionalisation of private banking. Our strategy is to take this change into account.” The recently appointed head added: "In future we are aiming more and more at onshore banking everywhere in the world and even in Switzerland.” Mr Kozlowski went on to say in the interview that Citigroup is more interested in targeting newly accumulated wealth than in managing old money. "We want to be the bank for entrepreneurs, property developers and for financial intermediaries such as owners of private equity and LBO funds and hedge fund managers," he said in the Le Temps interview. See this week's Opinion of the Week for more analysis on Citigroup's private banking strategy.