Citi sees rapid private bank growth in Mideast, Asia

By Joseph Giannone

GENEVA (Reuters) - Citigroup Inc's (C.N: Quote, Profile, Research, Stock Buzz) private banking business in Asia, the Middle East and other high-growth markets should expand by 25 to 30 percent a year, a top Citi banker said Wednesday.

Samir Raslan, head of Citi Private Bank in Central, Eastern Europe, Middle East and Africa (CEEMEA) said rapid economic growth and cooperation with Citi's commercial bank will help the wealth management business boost revenue and attract assets even without acquisitions.

"Growth regions would be growing 25 to 30 percent a year in revenue," Raslan said at the Reuters Wealth Management Summit in Geneva. "We've had some very strong growth, the Middle East included, at about those same rates."

Some of the fastest growing markets are in the Middle East, Asia, Turkey and Russia, he said, citing economic expansion and wealth creation.

"We feel it is sustainable, because the market is large, the market is fragmented, even though we are one of the largest players in the market, so there's still a lot of room for growth," Raslan said.

Even in more developed markets, he said, the private bank is growing by working closely with Citi's investment and commercial banking customers.

"We will continue growing organically and build our business in a serious and very controlled manner," Raslan said.

Currently the CEEMEA private bank has about 40 bankers and 60 associate bankers, which it plans to expand through training and by recruiting experienced bankers, he said.  Continued...