Anuratna Chadha appointed Country Business Manager for CITI Private BankNovember 29th, 2007 - 9:22 pm ICT by admin
Mumbai, Nov 29 (ANI-Business Wire India): 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 January 1, 2008, 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 Sanjay Nayar, Chief Executive Officer for Citi India and 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 Nayar.
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.
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. (ANI)
Tags: affluent clients, business manager, citi, country business, global india, global wealth, leadership, management business, management sector, mumbai, net worth, onshore, private bank, private bankers, product specialists, smith barney, sophisticated range, wealth management services