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 March 26. Kaul, who has been with Citigroup for 17 years, replaces Tashwinder Singh, who has left the bank to join Kohlberg Kravis Roberts & Co as a director at its India unit.
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 percent 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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