The country is home to 263,000 high net worth individuals.
Citi Private Bank has appointed Varun Chugh as global market manager for the Global India business and Puneet Sanwalka as Head of India Onshore business as it doubles down to capture the wealth of opportunities arising from the evolving needs of india's ultra-rich clientele.
Drawing on his experience running the Global South Asian Team of DBS Bank, Varun will leverage on his formidable arsenal of expertise acquired from holding various senior leadership roles at HSBC Private Bank, ABN AMRO and Kotak Securities in Dubai and India.
Puneet similarly occupied various senior roles at Citi's Global Consumer Banking business in India including Business Development for Citigold and Citibusiness and Head of Consumer india Strategy.
India trails only behind United States, China and Germany as the country with the most number of billionaires at 136, according to an earlier report from Wealth-X.
“The mantra of globalisation is something the Indian diaspora has been practicing for centuries,” Jyrki Rauhio, South Asia Head for Citi Private Bank said in a statement. “We have offices and bankers across these markets and we are well-positioned to better serve this worldly and wealthy population.
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