“We have recorded double-digit growth since we focused on the resident market in Switzerland,” says Laurence Mandrile-Aguirre, responsible for Switzerland and Monaco
Citibank (Switzerland), the Swiss subsidiary of the American banking giant Citigroup, is benefiting from an increase of at least 10% in its volumes in wealth management. “We currently have $ 24 billion in assets under management and we have recorded double-digit growth since focusing on the resident market in Switzerland,” said Laurence Mandrile-Aguirre, responsible for Switzerland and Monaco, in a report. interview on Friday at L’Agefi.
The Swiss market is a “primary depository center” in Europe for the banking group, specifies the manager. Citibank aims to be recognized in the long term as one of the best foreign private banks in Switzerland in terms of market share.
For its wealth management business, the Zurich-based establishment focuses on family offices and clients with more than CHF 25 million in assets to invest.
Laurence Mandrile-Aguirre did not provide details on the possible effects in Switzerland of the restructuring carried out at the level of the group. Citigroup has decided to withdraw its retail banking business in thirteen markets, consolidating the dedicated unit with wealth management into the Citi Global Wealth division.
“We remain very committed in Switzerland where our private bank continues to grow with an established and promising model,” said the manager.