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Chadha will manage Citi Private BankÆs business in India at the start of next year and will also have additional supervisory responsibility for the Citi Smith Barney. CitiÆs previous head of the private banking business in India, Puneet Matta, has joined Credit Suisse. Citi Smith BarneyÆs head in India, Vikas Mittal, continues in his role.
Based in Mumbai, Chadha will report to Sanjay Nayar, CEO for Citi India, and Ajay Sondhi, region head of global India within Citi global wealth management.
Citi Private Bank delivers wealth management services to clients with a net worth in excess of $10 million. Citi Smith Barney offers a range of financial planning and investment services for high net worth and mass affluent clients with a net worth of at least $1 million.
IndiaÆs economic expansion is ôgiving rise to one of the regionÆs biggest and fastest-growing pool of high net worth individualsö, says Sondhi. ôThey are demanding a more sophisticated range of financial instruments to help them meet their wealth management needs and goals.
Citi Private Bank has built an onshore products platform since 2005 in the key cities of Mumbai and Delhi.
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 $350 billion.
Previously, Chadha was head of Asia Pacific corporate banking for the Indian sub-continent cluster where he oversaw significant growth in the business.
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