By Tom Burroughes, Group Editor, WealthBriefing
March 9, 2017
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The private bank has set out its business strategy and investment ideas for Europe, arguing that its model is well suited to coping with geopolitical storms.
Citi Private Bank’s business model of catering to ultra-high net worth clients puts it in a strong spot to weather geopolitical jitters such as Brexit, and the market opportunity in Europe is wide, senior executives say.
The private banking arm of the US-listed group, which at the end of last year held $374 billion of client assets, operates in an environment where Europe, Middle East and Africa has 72,000 families each with a net worth of €30 million ($31.7 billion), Luigi Pigorini, region head, EMEA, at Citi Private Bank, told journalists this week. That number could rise significantly based on current trends in about a decade’s time, he said.
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