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“The private banks that have the best expertise in risk management and capital provision will be the most successful” |
Citigroup is heralding itself as the pioneer of a new type of private bank aiming to serve the fastest-growing segment of wealthy clients – active wealth creators in the private sector such as entrepreneurs and real estate investors. These entrepreneurs have different demands to the more traditional types of private banking clients, so wealth managers are being forced to adjust their products and services accordingly. Helen Avery talks to Damian Kozlowski, global chief executive officer of Citigroup Private Bank, on his company’s plans to become a ‘private investment bank’ for these types of clients.
What is the most important theme you are seeing in the private banking industry worldwide?
The whole world is going onshore, corresponding with the development of local-market economies. Clients want wealth advisory services resident in their local market. They want to invest their money locally and be able to access it. We are increasing our onshore presence in select key regions. The three primary regions we are focusing on are Brazil, India and the UK.
