International Development News
Development News Edition

Citi aims for greater share of Indian wealth management business

American lender Citi Tuesday said it is eyeing a greater pie of the Indian wealth management business, concentrating both on the domestic opportunity as well as non-resident Indians (NRIs). It has made two senior-level appointments in pursuit of this in its private bank vertical, an official the statement said, without quantifying the size of the market it aims to capture.

Quoting from a report by a consultancy, it said India has 263,000 high net-worth individuals HNIs, representing about USD 1 trillion in wealth, while there are 16 million India-born people living outside. The bank said in the 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. Ultra high net worth (UNHW) families, in general, think of wealth in a borderless way," Jyrki Rauhio, the south Asia head for Citi Private Bank, said.

On the diaspora end, the bank said Indian UNHW families are concentrated in Southeast Asia, Hong Kong, Australasia, the Gulf region, East Africa, the United Kingdom, the United States and Canada, where it has offices.

It has appointed Varun Chugh as the global market manager for the 'Global India business' and Puneet Sanwalka as the head of 'India onshore business', the statement said.

(With inputs from agencies.)



How music can help expectant mothers during pregnancy

Music provides pleasant ambience for all but its more important for expectant mothers as besides ensuring pleasant environment for them it also directly and indirectly influences the unborn babies. There are various scientific findings to c...

EdTech: A technical approach to flexible and cost-effective education

Its hight time for the world to go for innovative approaches like e-learning over traditional learning methods that need physical infrastructure, long-term planning, and huge investment. ...

Our school campaigns are our strongest ally: Joaquin Antuna, founder of Peace and Cooperation

Joaquin Antuna is the founder of Peace and Cooperation, a Spanish NGO which was nominated as peace messenger by the United Nations in 1986. Antuna is of very firm opinion that in order to have an incisive impact on the community we live in,...

'No escape from telephones', this 1953 prediction actually comes true

In 1953, a telephone company chief predicted that therell be no escape from telephones in the future....


Latest News

TriLumina Launches 3 W Surface-Mount Flip Chip Back-Emitting VCSEL Array Without The Need For A Submount

TriLumina, the leading developer of flip chip vertical-cavity surface-emitting laser VCSEL technology for 3D sensing, announces the launch of the worlds first 3 W surface-mount, flip-chip, back-emitting VCSEL array without the need for a p...

J-K Police repatriates PoK national as goodwill gesture

A mentally unstable Pakistan-occupied Kashmir resident, who had inadvertently crossed over to the Indian territory, was returned to Pakistani authorities on Thursday as a goodwill gesture, police said. Today, Kupwara police repatriated a Pa...

Rays designate Duffy, trade De Leon to Reds

The Tampa Bay Rays designated infielder Matt Duffy for assignment and traded right-hander Jose De Leon to the Cincinnati Reds in exchange for a player to be named and cash. Duffy, 28, batted .252 with one home run and 12 RBIs in 46 games la...

UPDATE 2-U.S. judge stalls Trump administration's bid to resume federal executions

A U.S. judge has halted the scheduled executions of four inmates on federal death row, temporarily stalling an effort by President Donald Trumps administration to resume federal executions next month after a 16-year hiatus. Judge Tanya Chut...

Give Feedback