Private banking in India is still at a nascent stage and can absorb all the lessons learnt the hard way in developed markets, according to Jane Fraser, the global head of Citi Private Bank.
Surpassing China, India will become the world's largest economy by 2050, says a report.
The London School of Economics professor Danny Quah forecasts that by 2050 the world's economic centre of gravity, a theoretical measure of the focal point of global economic activity based on GDP, will have shifted eastwards, as quoted in the Wealth Report 2012 by Knight Frank & Citi Private Bank.
These cities are considered the most important to the world's High Net Worth Individuals (HNWIs), according to The Wealth Report 2012 by Wealth Report 2012 by Knight Frank & Citi Private Bank.
A recent study titled - The Wealth Report 2012 - suggests that even though the focus is now on emerging economies; established top cities in the world will continue to draw wealth for sometime.
While there is little doubt that the emerging economies present the best chances for economic growth, not all countries will prosper at the same rate, says the Wealth Report 2012 by Knight Frank & Citi Private Bank.
Citigroup may sell its Australian retail broking unit as it consolidates its wealth management business in Hong Kong and Singapore to compete for customers against bigger private bank rivals. The US financial group is understood to be in talks over the possible sale of Citi Smith Barney Australia to National Australia Bank. It also plans to close its CSB branch in Taiwan and merge others in Singapore and Hong Kong with Citi Private Bank.
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