Citi wants to strengthen itself in private banking in Europe. The New York bank announced on Tuesday its desire to set up two new teams dedicated to serving the wealthy clientele of the Old Continent, one in Paris, the other in Frankfurt.
Two cities in which the bank already has offices to manage corporate clients, but which did not have private bankers. In Paris, Citi wants to recruit 35 bankers, while it hopes to build a team of 40 people in Frankfurt.
“The launch of Private Banking in France completes our offer to customers and strengthens our position as a European hub for Citi,” said Cécile Ratcliffe, boss of the French subsidiary, in a press release, noting that the American bank’s workforce in Paris was increased from 160 to 300 people over the past two years.
“Paris and Frankfurt are two of the most dynamic European markets in the ultra-high net worth segment and our presence on the ground will allow us to better serve our existing clients and to establish new client relationships”, said added Ida Liu, global head of Citi Private Bank.
Until now, European clients have been served from its Luxembourg-based office. The latter had been opened in the wake of Brexit, which had forced the American bank to move within the borders of the European Union. “Tax practices are very different in different European countries,” says a spokesperson. To have the best possible support for our clients, we need specialized advisers. »
This announcement is part of the group’s overall strategy to strengthen its position in wealth management on a global scale. With the addition of these two offices, Citi Private Bank will have a presence in 20 countries around the world. It targets a particularly premium clientele since the entry ticket is set at 50 million euros.
His initiative comes on the heels of similar announcements from other international banks, which are eyeing the lucrative European market. Just a year ago, Goldman Sachs and Barclays announced the opening of their Paris offices. JP Morgan has made Paris its main hub in Europe.