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Citi eyes bigger pie of wealth mgmt in India

Press Trust of India  |  Mumbai 

American lender said it is eyeing a greater pie of the Indian business, concentrating both on the domestic opportunity as well as non-resident Indians (NRIs).

It has made two senior level appointments in pursuit of this in its vertical, an official statement said, without quantifying the size of the market it aims to capture.

Quoting from a report by a consultancy, it said has 263,000 high networth individuals HNIs, representing about USD 1 trillion in wealth, while there are 16 million India-born people living outside.

The said in the recent months, several prominent Indian families have acquired residential and commercial real estate properties in the through financing from Citi

"What we are witnessing is just the tip of the iceberg. Ultra high networth (UNHW) families, in general, think of wealth in a borderless way," Jyrki Rauhio, the south Asia head for Citi Private Bank, said.

On the diaspora end, the bank said Indian UNHW families are concentrated in Southeast Asia, Hong Kong, Australasia, the Gulf region, East Africa, the United Kingdom, the and Canada, where it has offices.

It has appointed as the global market manager for the 'Global business' and Puneet Sanwalka as the head of 'onshore business', the statement said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 20:35 IST