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Tuesday, 14 November 2017

Citigroup, UBS Are Among the Banks Most Exposed to Wealthy Saudi - Bloomberg

Citigroup, UBS Are Among the Banks Most Exposed to Wealthy Saudi - Bloomberg:

"Citigroup Inc. and UBS Group AG are among international banks managing the largest share of assets for wealthy Saudis, some of whom are being investigated as part of a government probe into alleged corruption, according to people familiar with the matter.

JPMorgan Chase & Co. and Credit Suisse Group AG also manage billions of dollars for some of the kingdom’s richest individuals, the people said, asking not to be identified because of the sensitivity of the matter. Citigroup’s private bank counts Prince Alwaleed bin Talal, the world’s 58th-richest person, and Khalid al-Tuwaijri, former chief of the Royal Court, as clients, two of the people said. Both are among those who were detained in the probe, the people said.

Saudi Arabia has long been the target of wealth managers such as UBS, Credit Suisse and Deutsche Bank AG, as well as other global banks seeking to advise the country’s ultra-rich. The kingdom was the 16th most populous country for high-net-worth individuals last year with 176,000, according to Capgemini’s 2017 World Wealth Report."



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