CitiBank in drive to offer Private Banking to Thais in the province to help in “Wealth Building”

CitiBank Logo

CitiBank Logo (Photo credit: bruceg1001)

Matichon, a local Thai press for the progressive intellect, reports CitiBank in Thailand, is in a Thailand-wide campaign to meet wealthy provincial Thais with “Wealth Management” services. Matichon reports CitiBank’s private customer head, Veranong Pootrakul, saying the bank is offering private banking, particularly “Wealth Management” service in a campaign called “Developing New generation Business People” to the people in the province. In the campaign, Citibank just bought of group of wealthy provincial Thais, from Nakorn Rajasrima of the booming Thai Issan region, to see Citibank’s Bangkok high-tech operation in Bangkok.

Citibank is the consumer banking division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. As of March 2010, Citigroup is the third largest bank holding company in the United States by total assets, after Bank of America and JPMorgan Chase.[1] Citibank has retail banking operations in more than 160 countries and territories around the world. More than half of its 1,400 offices are in the United States, mostly in New York City, Chicago, Los Angeles, the San Francisco Bay Area, Washington, D.C. and Miami. More recently, Citibank has expanded its operations in the Boston, Philadelphia, Houston, and Dallas metropolitan areas. In addition to standard banking transactions, Citibank markets insurance, credit cards and investment products. Their online services division is among the most successful in the field [2] claiming about 15 million users. As a result of the global financial crisis of 2008–2009 and huge losses in the value of its subprime mortgage assets, Citibank was bailed out by aid from the U.S. government under plans agreed for Citigroup. On November 23, 2008, in addition to initial aid of $25 billion, a further $25 billion was invested in the corporation together with guarantees for risky assets amounting to $306 billion.[3] Since this time, Citibank has repaid the bail-out. (Source)

 

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