Citigroup Following Regionalization Trend in Private Banking

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00012178-citigroup-following-regionalization-trend/

Citigroup is going after more onshore clients as it tries to stay ahead of a growing trend towards regionalization of the private banking business, Reuters reported on Tuesday.

Damian Kozlowski, CEO of Citigroup Private Bank, commented to Geneva, Switzerland-based paper Le Temps, “On a global level, 45 percent of assets are offshore compared to 55 percent which are managed locally. The 45 percent portion is in decline and we are moving towards an onshore world. We are witnessing a regionalisation of private banking. Our strategy is to take this change into account.”

For the complete story at Reuters, please visit Citigroup says follows trend to onshore banking.