Rajeev Kakar

'We want to be the best place to work and the only place to bank in the UAE and in the rest of the Middle East,' says Rajeev Kakar, Regional Head, Turkey, Middle East & Africa, Citibank.

'We have invested in expansion in all our operations but in particular in Wealth Management and retail banking where we have 28 more ATMs, representation in all the emirates and the new Jumeirah electronic banking branch. But our biggest investment has been in training our people to deliver the very best service.'

He explains that Citibank's declared mission is to become 'the most respected financial services company in the world'. And to achieve this level of excellence demands that high standards are built into day-to-day practices.

This is also the rationale behind Citibank's aggressive drive into the Wealth Management market, an area once dominated by independent financial advisors.

Wealth Management priority

'Wealth Management is a very important service in the Middle East where many of our clients are serious about saving,' says Mr. Kakar. 'But we will only sell products to a client after the most rigorous analysis of their time-frame, objectives and appetite for risk.

'We even go so far as to carry out due diligence on our own staff and their product sales to check that they are recommending the right products to the right people.

'There is a need to offer customers the trust and service levels they deserve and expect for their financial planning, and it is our goal to offer this promise through the use of technology, training and careful selection of the right products to ensure suitability in line with customer needs.

'Indeed, we want a long-term relationship with our clients. We also have to look very carefully at their changing requirements. For example, we find that many clients in the UAE who are of Indian origin want exposure to the Indian market, and have a full range of such mutual funds.

'But every product that we offer has to go through a rigorous and stringent due diligence testing by us. That does not mean that it is guaranteed to succeed but this does add a level of comfort and safety that for the customer, and helps them stay ahead.

'It is important to remember that many customers do not have the true or adequate financial information or knowledge to make an investment choice that suits their needs. The Citigroup Wealth Planner helps offer this customized solution for them.'

Citibank UAE also provides a very broad range of products for all income levels, and has an entry level investment product that starts at $100 a month. 'This is still a well managed and low-risk product and goes through extensive due diligence,' says Mr. Kakar.

'As financial doctors, we have to exercise the same care with a customer's finances as a medical doctor does with his patient. The whole focus is to build a long-term relationship that hinges on trust and a consistent delivery of a uniquely positive experience.'

To further raise the bar and to help our customers make financial choices comfortably, Citibank UAE has set up specialized Wealth Management business segments that cater to the global, local and home country needs of people from different ethnic backgrounds, such as the Arab segment, the Indian segment and the Pakistani segment.

Home country linkage

'This program offers linkage to home country and a Relationship Manager who speaks the customer's language, with an embedded understanding of the customer's needs and cultural orientation, says Mr. Kakar. 'Overtime, Citibank will extend this to other countries in the world represented through ethnic groups in the UAE.'

And while the UAE remains a regional hub for Citibank, Bahrain remains as important for consumer banking and the group has just won a license for corporate banking in Kuwait.

Mr. Kakar insists that growth in the year ahead should continue to be aggressive for Citibank in the region in general and UAE in particular. 'We will be investing even more heavily in people and training, and tie-ups with universities to get the right recruits.

'After all, we want to be 'the only place to bank and the best place to work' in line with our ultimate goal to becoming the most respected financial services company in the world.'