Citi Named "Overall Best Global Private Bank" by Asiamoney for Third Straight Year

17 July 2007

Hong Kong – Asia’s ultra-high net worth individuals have named Citi Private Bank as the “Best Private Bank” in Asia.

Citi Private Bank emerged as the favorite private bank among Asian clients with at least USD 25 million in Assets Under Management (AUM) in the annual Private Banking Poll conducted by Asiamoney magazine.

Citi Private Bank has topped Asiamoney’s Private Banking Poll every year since the independent market survey was first launched in 2005 by the Hong Kong-based regional publication.

In addition, Citi Private Bank was named as “Best Private Bank” in Hong Kong by ultra high net worth clients (with at least USD 25 million in AUM) in the territory.

These accolades are a testimony to Citi Private Bank’s status as the private bank of choice among ultra high net worth clients in Asia, where half of the region’s billionaires bank with Citi Private Bank.

Mr. Kaven Leung, Chief Executive Officer, Citi Global Wealth Management Asia Pacific said: “This is a tremendous achievement and demonstrates that Asia’s ultra high net worth individuals continue to favor Citi Private Bank in terms of our reputation, the quality of advice, service and product capabilities, our customization abilities, our provision of value-added services as well as the breadth and depth of our banker-client relationships.”

Mr. Leung added: “Such mega wealthy clients tend to be more sophisticated, better informed and also demand a higher level of service quality when it comes to managing their assets. In many ways, ultra high net worth individuals are thought leaders whose behaviors and attitudes about wealth management portend emerging investment trends and help shape industry practices.”

Citi Private Bank pioneered the concept of a “private investment bank” for mega wealthy clients in Asia.

Mr. Leung added: “Many of our ultra high net worth clients are entrepreneurs who have built up successful, multi-million dollar businesses and are seeking more opportunities to grow their business as well as personal wealth. They expect a private bank to provide holistic wealth management capabilities, but increasingly with an investment banking touch. “

“In Hong Kong, for example, we established a Megawealth team and invested significant resources to ensure that our private bankers partner leverage Citi’s enormous international network and expertise to provide clients access to unique business and investment opportunities both in their home markets as well as around the world.”

According to the “Merrill Lynch Cap Gemini Asia Pacific Wealth Report 2007,” there were 18,200 ultra high net worth individuals (defined as those with at least USD 30 million in financial assets) in Asia, controlling more than USD2 trillion worth of wealth. This means that although ultra high net worth individuals in Asia represents only 0.7% of total high net worth population, they possess nearly 25% of total high net worth wealth.

Asia’s ultra high net worth population grew at a significantly faster pace than the broad high net worth population in 2006, suggesting that wealth will concentrate as Asian wealth management markets continue to develop, making the ultra high net client segment a critical one for wealth managers in Asia.

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