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COPYRIGHT 2006 Asia Pulse Pty Ltd
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SHANGHAI, March 29 /Xinhua-PRNewswire-AsiaNet/ - Citigroup opened its first Private Bank office in mainland China today at a ceremony at Citigroup Tower attended by Todd Thomson, Chairman & Chief Executive Officer of Citigroup Global Wealth Management.
The Citigroup Private Bank business model, as practised in the United States and other markets, is centred on a holistic approach to wealth management for both individuals and businesses throughout the wealth creation cycle.
The new Shanghai Private Bank office (which will operate as a unit of Citibank, N.A., Shanghai Branch) underlines Citigroup's commitment to taking a leadership position in serving the nascent Chinese wealth management market, which Citigroup believes could be the largest wealth management market in Asia (excluding Japan) within a decade.
Citing China's entrepreneurial culture, high savings rate and fast-paced modernisation of its banking sector, Mr. Thomson said: "In 10 years, probably less, we may be witnessing Asia's single largest market in terms of investible assets among the high net worth population."
"This is an investment for the future....
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