Anuratna Chadha has been appointed as Country Business Manager - India for Citi Private Bank and onshore Head of Citi Global Wealth Management businesses in India.
With effect from 1st January 2008, Mr Chadha will manage Citi Private Bank's business in India and will also have additional supervisory responsibility for the Citi Smith Barney business. Based in Mumbai, he will report to Mr Sanjay Nayar, Chief Executive Officer for Citi India and Mr. Ajay Sondhi, Region Head - Global India, Citi Global Wealth Management, Singapore.
Citi Private Bank delivers holistic wealth management services to clients with a net worth in excess of USD 10 million (about 40 Indian crores).
Citi Smith Barney offers a comprehensive range of financial planning and investment services underpinned by an equity brokerage platform for high net worth and mass affluent clients.
"The appointment of Anuratna, one of Citi India's most experienced managers, underscores the importance that Citi and its senior leadership attach to the wealth management business in India. We have already invested significant amounts of human and capital resources with the ambition of becoming a market leader in the wealth management sector in India. We are confident that under Anuratna's leadership, Citi will strengthen its market leadership and capture a growing proportion of the wealth management business in India," said Mr Nayar.
Mr Sondhi added: "India's break-taking economic expansion is giving rise to one of the region's biggest - and fastest growing - pool of high net worth individuals. They are demanding a more sophisticated range of financial instruments to help them meet their wealth management needs and goals. Since 2005, Citi Private Bank has built an extensive onshore products platform and assembled a team of experienced private bankers, product specialists and support staff in the key cities of Mumbai and Delhi. Citi Smith Barney has also established itself as a premier and innovative wealth management provider for the high net worth and mass affluent segment."
India was the second fastest-growing wealth market in the world last year, according to the Merrill Lynch Cap Gemini World Wealth Report 2007. The number of US dollar millionaires grew 20.5% to 100,000, outpacing the overall Asia Pacific and global growth rates. High net worth wealth in India was worth a collective US$350 billion. Forbes magazine estimates that India has 54 billionaires, the single largest collection in the Asia Pacific.
Mr Chadha is a well-regarded banking professional with nearly two decades of industry experience, including 17 years with Citi. He is Citi's Head of Asia Pacific Corporate Banking for the Indian Sub-Continent Cluster where he oversaw significant growth in the business.
Citi has the largest footprint among wealth managers in the Asia Pacific with more than 20 offices across the region. Over 2,000 wealth management professionals, including 600-plus private bankers, financial advisors and investment specialists, serve 6000 high net worth individuals and families, including half of all billionaires in Asia ex-Japan.
Citi Global Wealth Management
The Global Wealth Management division at Citi comprises three of the most respected brands in wealth management: Citi Private Bank, Citi Smith Barney and Citi Investment Research. Citi Global Wealth Management is a top-tier global wealth manager providing some of the best institutional capabilities available today. Serving both private and institutional clients, Citi Global Wealth Management taps the strength and resources of Citigroup to maximize value and service.
Citi, 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, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com