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Citi taps wealthy family clients to boost private bank

Blog by Brad Herman | May 3rd, 2013

Citigroup Inc (C-N 47.28 0.74 1.59%), one of the world's largest banks, is betting on wealthy Middle Eastern family firms who are in expansion mode to boost its private bank business, senior executives said.

Citi's family office unit is part of the private bank business which manages over $250 billion US in assets and serves over a third of the world's billionaires.