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Wednesday, November 11 - 2009

Citigroup Private Bank inaugurates new office in Bahrain

Citigroup Private Bank (CPB), a member of Citigroup, today announced the opening of a new office in Bahrain to serve the high net worth segment in the Kingdom.

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  • Mr. Mark Morgan, Managing Director and Chief Officer, Middle East Offices, Citigroup Global Wealth Management.
    Mr. Mark Morgan, Managing Director and Chief Officer, Middle East Offices, Citigroup Global Wealth Management.
Housed at the landmark Citibank House Building, the Bahrain office marks a significant addition to CPB's onshore footprint in the fast-growing Middle East wealth management market.

Together with existing offices in Dubai and Abu Dhabi, the Bahrain office will serve clients who are demanding a more sophisticated range of financial instruments to help them meet their wealth management needs and goals.

"Backed by more than 50 years of Citigroup history in the Middle East, the private bank is growing its local presence in the region. The offices in Dubai, Abu Dhabi and Bahrain are staffed by a pool of experienced bankers and specialists, many of them with substantial experience in serving the region's high net worth individuals," said Akbar Shah, Head, Citigroup Global Wealth Management in the Middle East.

"Our business in the Gulf region has grown steadily since we opened our first office in Dubai in 2004. To properly build on our business momentum, it was critically important for us to establish a presence in Bahrain, which is one of the most developed of the financial centres in the Gulf region."


Mark Morgan, Managing Director and Chief Officer of Citigroup Global Wealth Management in the Middle East, said: "Our unique strategy of developing a robust onshore private banking platform to match Citigroup's global product offerings will allow CPB to meet the increasingly complex needs of our Middle East clients and capture a larger slice of the emerging wealth management market in the region."

"Our client-banker ratio is relatively small compared to other providers. A banker serves 20 to 30 clients at most, and often much lesser. This enables us to deliver a unique brand of private banking where there is a high degree of customer contact and customisation in our advice and solutions," he said.

Industry data shows that the Middle East was the fastest growing region in the world last year in terms of wealth creation, with assets under management expanding by nearly one-third to reach USD 1 trillion. The number of high net worth individuals (those with at least USD 1 million in net assets) in the Middle East rose by one-tenth to 300,000.

The Citigroup Private Bank believes that both AUM and the number of HNWIs in the Middle East will grow annually in double-digit percentage terms in the short to medium term.

Individuals with a minimum net worth of USD10 million form CPB's target market.
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Notes and media contacts

Issued by The Citigroup Private Bank (Citibank N.A.), a member of Citigroup

For further information:

KARIM SEIFEDDINE
Public Affairs Head
Gulf, Levant&Pakistan
Citigroup
Tel: ++971 4 311 4392

JACK SUNG
Corporate Communications
Citigroup Global Wealth Management - Asia-Pacific & Middle East
Singapore
Tel: +65 63284532
HP: +65 96679411

Global Wealth Management
Citigroup Global Wealth Management is a business of Citigroup Inc. and comprises Smith Barney Private Client Group (or Citigroup Wealth Advisors, as it is known outside the United States) and Citigroup Investment Research, divisions of Citigroup Global Markets Inc., (Member SIPC), and The Citigroup Private Bank. Citigroup and the Umbrella device are trademarks and service marks of Citicorp or its affiliates and are used and registered throughout the world. Smith Barney offers a full suite of investment services, including asset allocation, private investments and lending services, hedge funds, cash and portfolio management, as well as retirement, education and estate planning. Smith Barney Global Equity Research covers companies representing 90 percent of the market capitalization of the major global indices. 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.

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, and Banamex.

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