Citi Betting on wealthy Middle Eastern family firms

Citigroup Inc, one of the world’s largest banks, is betting on wealthy Middle Eastern family firms who are in expansion mode to boost its private bank business, senior executives said. Citi’s family office unit is part of the private bank business which manages over $250 billion in assets and serves over a third of the world’s billionaires. Citi first moved into the market for family offices – mini financial institutions set up by rich families to manage their affairs – in 2010 when it set up a unit to cater to them. In March this year…

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Citi betting on wealthy Middle Eastern family firms

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