Awards for Distinction 2014 – Thailand


AFD2014_Best Private Bank - Thailand

Citi Private Bank

Bassam Salem

Bassam Salem
Chief Executive Officer, Asia Pacific
Citi Private Bank

Thailand, once a veritable hot spot for any private bank with ambitions for Asia, has proved to be a challenging market over the last couple of years. In 2014, continuing political turmoil eroded both consumer confidence and crucial tourism revenue. It is perhaps testimony to the optimism they harbour for the region that, despite GDP growth of less than 1% in 2014, several private banks continue to build robust platforms in Thailand.

An obvious reason for this is the sheer quantum of wealth that continues to be generated – and that often resides – in the nation. Thailand’s high net worth individual (HNWI) population increased by almost 10% to 80,000, accounting for US$396 billion, according to latest estimates.

Amongst its competitors, Citi Private Bank, the winner of the Best Private Bank – Thailand award in 2014, has demonstrated its commitment to the country through several market cycles. Its presence in Thailand dates back to 1967, and now, its brand permeates across the nation of 67 million, offering services in consumer, corporate, investment, and private banking.

Unlike many of its peers, the most senior leaders at Citi Private Bank have first-hand experience of the Thai wealth management market. Indeed, Bassam Salem, CEO, Asia Pacific of Citi Private Bank, was responsible for setting up the Thai offices of another private bank he worked with and continues to be a well-known name in Bangkok banking circles.

Providing Thai clients access to a diversified range of investment options is one the bank’s best calling cards – whether it is a Thai client with an ASEAN connection in need of local equity capabilities or one with Chinese ties looking to purchase prime property in Hong Kong – Citi Private Bank can leverage its strength, as a group, to offer clients access to a best-in-class product shelf and structure a relevant solution. The platform encompasses a full range of products and services that addresses the needs of HNWIs, ranging from investments, banking and, lending services, to trust, custody, and advisory.

With more than 3,500 ultra-high net worth clients, including one-fifth of the region’s billionaires, Citi Private Bank has long achieved acclamation as one of the region’s leading private banks. Paired with its deep roots and penetration into the US$396 billion market, Citi Private Bank rose to the occasion to take home the award for Best Private Bank – Thailand.