Citi Private Bank in Singapore has issued a call for an unspecified number of top-of-the-class private bankers to meet the challenge of courting and managing the money of some of Southeast Asia's richest tycoons, as it assembles a team to go after the money of men and women in the region with a net worth of more than US$250million.
Akbar Shah, Singapore-based head of Citi Private Bank's mega wealth business in the Asia-Pacific, said he wanted seasoned private bankers with more than 10 years' experience in the financial sector to work out of Singapore to serve the needs of Southeast Asian's mega wealth market. This market also includes India, Indonesia, Malaysia, Brunei and Thailand.
He said that private banking experience was not necessary, and applications would be considered for veteran bankers from across the financial services field.
At the moment, Citi Private Bank has two mega wealth practices in Asia. One well-established team is in Hong Kong serving the needs of ultra high-net-worth individuals from the North Asia region, generally regarded as including Hong Kong, China, Taiwan, South Korea and Philippines.
He said the move was in response to continued wealth creation in Asia. The bank did not specify how much these bankers would be paid, but said it would be competitive with the rest of the industry, and not deviate from what it paid other private bankers.
Mr Shah said strong economic growth and the vibrant Asian entrepreneurial spirit were driving wealth creation in the region.