Citi names new head of India private banking

Citi names new head of India private banking

Mumbai: Citigroup has appointed company veteran Sameer Kaul as the head of its private banking business in India, the US bank said in a statement on Monday.

Citi competes with RBS, Morgan Stanley, Standard Chartered and many local players in the fast growing and highly competitive wealth management business in India.

The population of high net worth individuals -- those with more than $1 million in investible assets -- rose nearly 21% in India to 153,000 in 2010 -- making it the 12th largest such market, ahead of Spain and just behind Brazil, according to a report by Capgemini and Merrill Lynch.

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