Citigroup Steps Up Efforts In Indian Wealth Management Market

Mumbai, Maharashtra, India , 2006-06-01

The Citigroup Private Bank, a division of Citibank N.A., India has appointed Mr. Puneet Matta as Chief Officer - India, responsible for leading and growing the private bank’s onshore wealth management business catering to resident ultra high net worth Indians with at least USD 10 million (INR 49 crores) in assets.

Mr. Puneet Matta will lead efforts by Citibank N.A. to tap into India’s nascent wealth management market.

“The appointment of Puneet is in response to the strong growth momentum in the wealth market in India, which is being driven by a buoyant economy. Unprecedented levels of wealth creation is expanding the size of the country’s affluent and high net worth market, and underpinning the need for new standards in wealth management,” said Mr. Deepak Sharma, Chief Executive Officer, Citigroup Global Wealth Management, Asia-Pacific & Middle East.

According to industry estimates, the number of high net worth individuals in India with at least USD 1 million (INR 4.9 crores) in net assets grew by close to 15 per cent in 2004 to reach 70,000. It was the fourth fastest growth rate in the world in 2004.

Mr. Sanjay Nayar, Chief Executive Officer for India, said: “The Citigroup Private Bank already has some significant competitive advantages in India given the long history and strong position in the country of Citibank N.A. Puneet and his team will have access to products and capabilities that very few financial institutions can claim to have. We look forward to Puneet’s leadership to help further expand our coverage of financial services in the India market.”

Mr. Puneet Matta is based in Mumbai where the private banking division already has a team of nearly 20 private bankers, product specialists as well as support and operational staff to cater to India’s growing ultra high net worth population, who are demanding a more sophisticated range of financial instruments to help them meet their wealth management needs and goals domestically.

Mr. Puneet Matta reports jointly to Mr. Sanjay Nayar and Mr. Ajay Sondhi, Head of Global India, Citigroup Global Wealth Management, who is based in Singapore.

Citibank expects the private banking division’s network of offices to expand to other key Indian cities within the next 6-12 months, specifically in New Delhi, Chennai, Bangalore and Kolkatta.

“An investment on such a scale is unprecedented for our wealth management business. We believe that a strong domestic presence is critical in order to capture the wealth management opportunity India offers,” said Mr. Ajay Sondhi.

“We also hope that our active participation in the financial services sector will contribute in at least a small way to the development of India’s capital markets.”

A chartered accountant by training, Mr. Puneet Matta joined Citibank N.A. India in 1989. Prior to joining the private banking division, he served as Head of Business Development for Citibank’s Corporate and Investment Banking division. He has also held various other senior positions in the Corporate and Investment Banking division as well as the Consumer Banking division.


Contact

Ms. Madhulika Gupta, Citigroup, India, +91 (022) 40015056
[email protected]