Citi Private Bank is aiming to woo more Asian-American clients.
In a bid to increase business with this demographic, Citi's North America Asian Clients Group has expanded into Seattle, following entries into New York, San Francisco and Los Angeles, the global behemoth announced on Wednesday.
Olive Goh, a Citi private banker, will oversee the group's efforts in Seattle and look to capture additional market share from "one of the world's fastest-growing ultrahigh-net-worth segments," Citi said.
"Citi Private Bank remains uniquely positioned to serve the Asian ultrahigh-net-worth market with our global presence and broad and deep wealth management platform," Ida Liu, managing director and head of the North America Asian Clients Group, said in a statement.
Since it launched in 2011, the North America Asian Clients Group has grown both its client base and assets under management, according to Citi. The bank declined to provide specific figures or growth rates, saying only that it served "a couple of hundred of the top Asian families" in North America.
The group serves Asian-Americans as well as Asian nationals living in the U.S. temporarily, Goh said in an email. Clients have at least $25 million in net worth.
The push into the North American Asian market is the bank's first foray into multi-cultural marketing. The bank decided to focus on this segment due to the "extraordinary explosion in wealth in Asia and the numbers moving to the U.S.," Citi said.
It's very common for banks to target both specific ethnic groups as well as segments of customers that have unique needs and like to be serviced differently, said Wayne Culter, a managing director with consulting firm Novantas. Wells Fargo and HSBC, for example, have "special value propositions" for Chinese-speaking branches and even signage, forms and websites, he said.
Goh joined Citi Private Bank in May 2014 as director and private banker from HSBC Private Bank in New York, where she had been a relationship manager for the U.S. domestic private bank since 2010.
"With dedicated ultrahigh-net-worth private bankers in New York, San Francisco, Los Angelesand now Seattlewe are well positioned to serve our Asian clients in these markets and provide customized offerings, including tactical trading and investment ideas, real estate strategies, cross-border trust and estate planning strategies, foreign exchange and global reporting," Goh said.
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