thewealthnet     About Us    |    FAQs    |    Contact Us
 
  Search
 
     
  Advanced Search       RSS Feed  twitter  linkedin 
Welcome to thewealthnet    |   Europe, Middle East & Africa Get The App   |   Login
  Mon 19th Feb 2018  |    Make this my homepage  
Subscribe now!
Credit Cards Accepted
World Map
    
Citi chooses Luxembourg as booking centre for private banking clients - report
12/10/2017 , News Team

Citigroup’s private bank is setting up a new booking centre in Luxembourg that will allow it to administer the accounts of its EU clients in the event of a “hard Brexit” that involves tariffs or trade barriers, the Financial Times reported.
 
The bank declined to detail the number of jobs to be moved or created.
 
Citi said in July that it will base its main EU-broker dealer - which the group uses for its trading and markets business - in Frankfurt. At that time, Citi’s Europe, Middle East and Africa boss Jim Cowles told staff that other businesses would be scattered across Amsterdam, Paris, Dublin, Luxembourg and Madrid.
 
A total of about 150 jobs would be added across those EU centres, Mr Cowles said.
 
On the Luxembourg move, Citi said that it had taken the decision to build a booking centre in Luxembourg for its European resident UHNW clients, in the event of a hard Brexit. The centre “will leverage Citi’s existing legal vehicle and presence in Luxembourg”. “

 

Share with Linkedin Share with Twitter
 RATE THIS ARTICLE
Poor   Average   Good   Excellent
thewealthnet archives contain 48,572 articles dating back to 1997,making it the largest single source of information on the wealth management industry world-wide. To search for more articles, please click here.

 

© This article originally featured on thewealthnet. It is protected by international copyright law. If you copy this article illegally, you will be liable to prosecution. All rights in and relating to this article are expressly reserved. No part of this article may be reproduced, stored in a retrieval system or transmitted in any form or by any means without written permission from the publishers.

 
    Latest Headlines:    by Topic | All News
  Advertise   |   Contribute   |   Press Release   |   Terms of Use   |   Privacy   |   Contact Us Copyright Pam Insight Ltd., All Rights Reserved