(Bloomberg) -- Citigroup Inc.’s wealth-management business in the United Arab Emirates plans to triple assets under management to $15 billion over the next five years by increasing the number of its client-relationship managers.
As part of the strategy, Citibank UAE is targeting to quadruple the number of affluent clients in the country, the company said in an emailed statement. The growth will partly come from a mix of physical and digital investments and providing more access to its institutional products and content to retail customers.
New York-based Citigroup is deepening its foothold in the Middle East as some rivals like Credit Suisse Group AG and Standard Chartered Plc scale back their wealth-management and private-banking businesses as part of global reorganizations and staff reductions. Others, including UBS Group AG, have been making a bigger push into a region flush with oil-wealth.
Citigroup Hunts Growth in Emerging Markets as Rivals Retreat
Per-capita gross domestic product in the UAE was about $43,100 in 2019, three times that of the world average and higher than countries including the U.K., France, New Zealand and Japan, according to World Bank data.