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Citi Private Bank Opens New Abu Dhabi Premises

Nick Parmee

28 May 2008

Citi Private Bank has opened its new and expanded premises in Abu Dhabi. This office is among three serving the Middle East wealth management market: the bank also has offices in Bahrain and Dubai.

Deepak Sharma, chief executive officer of Citi Global Wealth Management – International, said: “Our expansion in Abu Dhabi is timely. There is much wealth creation in the Gulf region thanks to the robust, diversified economies as well as higher energy prices.  Also, we are increasingly witnessing a growing appetite among the region’s high net worth clientele for more sophisticated and innovative investment opportunities, locally and globally.

“Through partnership with the gamut of Citi businesses in the region, we will be able to cover not only our clients’ personal and family wealth management, but also the investments needs of our clients’ businesses. This holistic approach is an advantage we can bring to bear in our client relationships.”

Citi has been in the Arab World for nearly 50 years and says it continues to view the region as critical to its global franchise. It is currently present in ten Arab countries: Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.

The Citi Private Bank believes that both assets under management and the number of high net worth individuals in the Middle East will grow annually in double-digit percentage terms in the short to medium term.