UAE. A recent qualitative report sponsored by Citi and conducted by Nielsen, a leading global provider of information and insights into what consumers watch and buy, studied the personality of HNWI in the UAE.
The results of the research revealed the different needs that they believe are impacting their disposition towards wealth management and analyzed their attitudes towards investments. The participants were represented by a small group of locals and expatriates living in the UAE, namely in Dubai and Abu Dhabi.
“The wealth management business represents a significant growth opportunity for Citi in the UAE due to rapidly expanding affluent and emerging affluent customer segments,” said Dinesh Sharma, Head of Consumer Banking for the Middle East at Citi.
“We continue to focus on building our wealth value proposition to further strengthen the consumer franchise in the region by providing innovative solutions and developing lasting relationships to help our clients build investment portfolios that can create wealth in a sustainable way.”
“The UAE is a constantly evolving market when it comes to expectations of a “premium & high end lifestyle” by the higher end segment. Financial tools for this segment are seen as enablers of life experiences. Their experience expectations are benchmarked to those offered by high end service providers. Citi has a great opportunity in this space with their international products & solutions,” said Divya Radhakrishnan, Head of Qualitative Research, Middle East Pakistan at Nielsen.
Citi Wealth Management in the Middle East
Citibank has been serving customers including New Wealth Builders around the Middle East in UAE and Bahrain by providing retail and wealth management services through Citibank, Citigold and Citigold Private Clients. It is currently a major player in the UAE’s credit card market and a leading provider of Wealth Management and Consumer Credit services.
Citigold is an offering that combines Citi’s banking and wealth management services to provide solutions to manage customers’ money and build their wealth. Citigold customers are required to maintain a minimum balance across their Citi accounts of USD 100,000. Citigold’s world-class services are inspired by the philosophy that potential is best realized when Citi’s wealth-management expertise plays in harmony with a customer’s business-management acumen.
For more information, visit: http://citibank.com/uae/citigold/introduction/intro.htm
Established in 1964, Citibank’s branch network in the UAE includes five branches in Dubai, Sharjah and Abu Dhabi, seven financial centers and a network of 75 ATMS located at various commercial centers across the country.
Sample of 25 participants were spread across males & females in Dubai and Abu Dhabi, and comprised of current and potential Citi customers. Each participant earned a minimum income of AED 500,000 annually and invested a minimum of USD 100,000 in liquid cash during the same period of time.
Photo Caption: Dinesh Sharma, Head of Consumer Banking for the Middle East at Citi.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com
Nielsen N.V. (NYSE: NLSN) is a global performance management company that provides a comprehensive understanding of what consumers Watch and Buy. Nielsen’s Watch segment provides media and advertising clients with Total Audience measurement services across all devices where content—video, audio and text—is consumed.
The Buy segment offers consumer packaged goods manufacturers and retailers the industry’s only global view of retail performance measurement. By integrating information from its Watch and Buy segments and other data sources, Nielsen provides its clients with both world-class measurement as well as analytics that help improve performance. Nielsen, an S&P 500 company, has operations in over 100 countries that cover more than 90 percent of the world’s population.
For more information, visit www.nielsen.com.
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