Robert Law

He is mandated to steer the bank into a consistent growth mode in markets characterized traditionally as either overbanked or heavily regulated.

Currently present in Pakistan, Bahrain, UAE and Egypt, Citibank has grown at an impressive rate in the region owing mainly to a significant realignment and expansion in key distribution channels, including a strong sales team, and ever increasing personal banking offer.

With over one million customer accounts across the Middle East, Citibank considers the region among its top growth markets worldwide, and has its eye on new markets.

In the UAE alone, Citigroup has had a presence for the last 42 years, and it is expanding its major consumer bank operations. In the last two years, the bank introduced pioneering 8am to 8pm branch hours, personal loan and auto loan products, investment as well as insurance services, and wealth management plans.

'The region is a high potential growth market for Citibank, especially in wealth management,' says Mr. Law.

Distribution Focus

Distribution is high on Mr. Law's agenda: Whether branches, ATMs, sales force, remote banking or even new concepts of sales centres.

'With close to 100 proprietary ATMs up and running across the region, a 30-branch network that is poised for expansion, a new network of specialized sales centres at customer meeting points, a sales force in excess of 4000 staff that are ready to serve customers wherever they may be located, we don't wait for customers to come to us, we rather go to them. This is part of our philosophy in customer service.

'We are currently contemplating many options specifically targeting retail customers in the UAE, Bahrain, Egypt and Pakistan. Among other new products, mortgage banking is being fully explored as it is a key milestone purchase for any consumer and a need that we would like to provide financial products for. This product, which would be compliant with Islamic Shari'a, might soon be offered at selective markets.'

Wealth management

The bank that pioneered priority banking and mutual funds services is currently revisiting its Wealth Management concept to respond to changing client needs.

Says Mr. Law: 'There is an increasing demand for world class wealth management service in this region as many of our clients are becoming increasingly prosperous and are serious about savings.

'We are redefining our wealth management business on the basis of a total relationship strategy. This implies a holistic approach to customer needs, including the critical investment needs of this growing segment.'

These moves are in line with Citibank's expansion into new segments, mainly in the domain of small and medium enterprises, which will be supported with a comprehensive suit of credit, banking and investment products.

UAE home base

Based in the UAE, Mr. Law considers the local market as anchor to his region, and says:
'The view that the UAE market is overcrowded is simplistic.

'The UAE banking market is expanding, owing mainly to the continued liquidity in the market and the impressive rate of growth in the UAE. Judging by last year's consolidated results, we have grown by 14 per cent on assets, 32 per cent on loans, and an impressive 100 per cent on net profit.'

The UAE is a testing ground for regional initiatives that are developed by the bank and planned to roll out in 2007 and beyond. Recently, the bank launched the UAE National Customers Segment Unit which is dedicated to serving local customers and customizing full suites of banking and investment solutions that fit their special requirements.

Among the Unit's priorities will be to customize investment portfolios that fit the different risk appetites and varying investment objectives of the local customers. A Shari'a-compliant investment component would also be available upon request as part of a balanced investment approach.