"Elissar's new appointment is in response to the strong growth momentum in the private wealth market in the Middle East region, and in particular, the United Arab Emirates," said Mr Mark Morgan, Chief Officer, Middle East Offices, The Citigroup Private Bank.
According to industry estimates , the number of high net worth individuals in the UAE with at least USD 1 million in net assets grew by more than 12 per cent last year to reach 53,000. It was the 6th fastest growth rate in the world in 2004.
"Since the beginning of last year, we have increased more than five-fold our number of people serving in the Middle East market, and stepped up marketing efforts to enlarge our share of the market," he said.
"In line with the growth opportunities, we expect to be hiring more talent like Elissar, and increasing the number of offices in the region so as to attract clients who require professional wealth management services. In five years time, we expect to be a much larger organisation in terms of offices, people, clients and assets under management in this region."
A holder of a Masters in Business Administration from Imperial College in the United Kingdom, Ms. Antonios has more than 13 years of Middle East private banking experience. Prior to joining the CPB, she was with ABN Amro Private Bank and Credit Agricole Indosuez Private Bank.
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Citigroup Private Bank appoints Elissar Farah Antonios as Chief Officer of its Abu Dhabi office
- United Arab Emirates: Saturday, August 06 - 2005 at 08:28
- PRESS RELEASE
The Citigroup Private Bank (CPB) has appointed Elissar Farah Antonios to the position of Chief Officer, Abu Dhabi, United Arab Emirates.
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Issued by The Citigroup Private Bank (Citibank N.A.), a member of CitigroupFor further information:
MR KARIM SEIFEDDINE
Head Public Affairs, Citigroup
Gulf, Levant & Pakistan
Dubai, UAE
Tel: +971 (4) 311 4392
MR JACK SUNG
Corporate Communications
Citigroup Global Wealth Management - Asia-Pacific & Middle East
Singapore
Tel: +65 63284532
HP: +65 96679411
About The Citigroup Private Bank (Citibank N.A.)
The Citigroup Private Bank, one of the largest private banking businesses in the world, provides personalized wealth management services for clients in more than 30 countries, including a full range of portfolio management and investment advisory services from Citigroup Asset Management, structured lending and banking services, as well as the expertise of Citigroup's Global Corporate and Investment Bank.
It is a part of The Global Wealth Management Sector at Citigroup, which also comprises Smith Barney, Citigroup Wealth Advisors, and Smith Barney Global Equity Research, three of the most respected brands in wealth management today. In Asia, the Citigroup Private Bank is a business unit of Citibank N.A. Additional information may be found at: www.citigroup.com.
About Citigroup
Citigroup (NYSE: C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity.
Anne-Birte Stensgaard, Senior News EditorSaturday, August 06 - 2005 at 08:28 UAE local time (GMT+4)
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