Citi Private Bank Eyes Bigger Chunk of Indian Wealth Business - Globally and Domestically

Dec 5, 2018 Hubbis

Appointment of Varun Chugh as the Global Market Manager for the Global India business and Puneet Sanwalka as the Head of India Onshore business is a two-pronged strategy to expand the private bank’s Indian business.

The new India appointments complete the formation of Mr. Jyrki Rauhio’s South Asia leadership team and are testament to the private bank’s ambitions to expand its reach and tap into the surging wealth in this region.

“The mantra of globalization is something the Indian diaspora has been practicing for centuries,” said Jyrki Rauhio, South Asia Head for Citi Private Bank. “We have offices and bankers across these markets and we are well-positioned to better serve this worldly and wealthy population.

“For many of these families, their business footprint is multinational and their investment appetite is equally eclectic. They are investing in overseas assets such as commercial and residential real estate, and are represented by family offices and family members in locations around the world, managing the family business and investing activities locally. They are the quintessential global citizens, requiring a global private bank like ours,” he said.

Many wealthy Indian families have been drawn to the private bank’s Global Client Service, which helps clients invest and acquire assets trans-regionally. In recent months, several prominent Indian families have acquired residential and commercial real estate properties in the United Kingdom through financing from Citi Private Bank.

“What we are witnessing is just the tip of the iceberg. UHNW families, in general, think of wealth in a borderless way and our private bank is suited for such a clientele because of our abilities to link them to opportunities globally, and to be served by bankers and specialists locally,” said Mr. Rauhio.