The U.S. banking giant is expanding its private banking services in Europe with offices in two additional locations.
Citi is opening offices in Frankfurt and Paris as part of its global wealth strategy push, it said in an emailed statement Tuesday.
«Paris and Frankfurt are two of Europe’s fastest-growing ultra-high net worth markets, and our presence on the ground will allow us to better serve our existing clients and build new client relationships,» Ida Liu, global head of Citi private bank, said.
Over the next two to three years the bank aims to build a team of 40 employees in Frankfurt and at least 30 people in Paris to service Europe’s super-rich. With less than a dozen people currently sitting in Frankfurt and Paris, the bank has commenced the hiring process and relocated some existing employees to new offices.
The bank has 20 offices worldwide, nine of which are now in Western Europe, the statement said.
