Thursday, April 8, 2010

Citibank (NYSE:C) Targets High Net Worth People in Asia

Citibank Asian Strategy

Citibank (NYSE:C) believes wealth management is a great opportunity, and to that end are target people in the Asian market with high net worths, a segment of the market growing strongly.

The particular range of net worth is from $1 million to $10 million that Citibank is looking for in the region.

Citibank expects this segment of the Asian market to grow at a rate of 15 to 20 percent over the next three to five years, and those customers are always looking for help in managing their wealth, and is a very lucrative market to win business in.

Close to 50 percent of high net worth clients in Asia own businesses, and the other half are well-paid executives or employees, or the companies themselves.

One of the strategie is to tap the business owners not only for the business, but to then attract them to do their personal business at the banks as well.

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