Citibank UAE plans to expand assets under management to $15bln by 2025

The lender is also looking to quadruple the size of its affluent customer base in the UAE

  
A Citibank branch is seen in Santa Monica, California, U.S. March 19, 2018.

A Citibank branch is seen in Santa Monica, California, U.S. March 19, 2018.

REUTERS/Lucy Nicholson

Citibank UAE plans to expand its assets under management threefold to $15 billion by 2025 and will double the number of relationship managers to support client growth.

The lender, among the top wealth management services providers in the UAE, is also looking to quadruple the size of its affluent customer base in the country over the five-year period, Citi said in a statement on Tuesday.

Growth will be driven by a mix of “physical and digital investments” including technology and by expanding Citi’s institutional products. The increasing use of technology to provide wealth advice-on-demand will also support growth, the bank said.

“With the further investment in our platforms and talent pool, the expanded clientele will be able to book and manage their wealth across multiple jurisdictions through a single universal relationship manager,” Dinesh Sharma, Citi Middle East head of consumer banking, said.

“This, combined with Citi’s research capabilities, will ensure that we remain top provider of integrated wealth management services in the country.”

(Writing by Brinda Darasha; editing by Seban Scaria)
brinda.darasha@refinitiv.com

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