By Citi ,
November 1, 2019Posted InCiti
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The Private Bank was also named Best Bank for Customer Service and Best Bank for Global Families and Family Offices.
Citi Private Bank has been crowned Best Global Private Bank at the PWM/The Banker Global Private Banking Awards 2019, retaining the top honour for the second year running. In addition, the bank was also named Best Private Bank for Customer Service, as well as Best Bank for Global Families and Family Offices.
The judging panel noted that they were impressed by the global nature of Citi's offer, in its bid to fulfilling its goals of managing the wealth of "global citizens", while appreciating this is a niche market in which the bank is targeting, focusing almost forensically on a much narrower band of the wealthiest clients than is the case of competitors. Citi's strength in three different continents - the Americas, Asia and Europe, played a huge part in the decision-making.
The judging panel also appreciated Citi's emphasis on asset management and the creation of its own investment firm embedded within the private bank, devoting substantial resources to this, noting that this is an unusual move in the private banking community. The specialisation in investment has enabled a research-based operation to make much headway into areas such as thematic investing, alternatives and biotechnology strategies.
Yuri Bender, Editor-in-Chief, Professional Wealth Management, commented: “The collaboration shown in the organisation is worthy of note when it comes to moving away from product pushing towards client-centric solutions and introducing an innovative culture. The judges agreed that while Mr Charrington has been earmarked for leadership for many years at Citi, he is now growing into the role, presenting a definitive vision to both employees and consumers and recognising a number of operational and economic challenges that face not just Citi, but the rest of the private banking sector. We believe he could now be the man to handle these challenges effectively.”
The Global Private Banking Awards are now in its 11th year and are firmly established as the world's most prestigious private banking event.