Company Overview of Citi Private Bank
Citi Private Bank provides wealth management services, and wealth and lifestyle advisory services. It offers investment strategies for investors. The company also provides investment services, including counseling on investment allocations for managed and self-directed portfolios; and banking services, including deposit and credit products. It serves the financial needs of various individuals and families. The company is based in New York, New York. Citi Private Bank operates as a subsidiary of Citigroup Inc.
153 East 53rd Street
New York, NY 10022
Key Executives for Citi Private Bank
Chief Executive Officer of Citigroup Inc and President of U S Region
Co-Chief Executive of United States and Canada
Chief Executive of Citi Private Bank Asia Pacific
Chief Executive Officer of Citi Investment Management Unit
Compensation as of Fiscal Year 2014.
Citi Private Bank Key Developments
Citi Private Bank Presents at The 9th Annual FundForum Asia 2015, Apr-13-2015 03:00 PM
Apr 9 15
Citi Private Bank Presents at The 9th Annual FundForum Asia 2015, Apr-13-2015 03:00 PM. Venue: JW Marriott Hong Kong, Hong Kong, China. Speakers: Roger Bacon, Managing Director, Head of Managed Investments, Asia Pacific.
Citi Private Bank Appoints Steve Prostor as Head of Sponsor Finance, North America
Jan 22 15
Citi Private Bank announced that Steve Prostor has been named Head of Sponsor Finance, North America, in addition to his current role as Head of Syndications, Citi Private Bank. In this newly created role, Mr. Prostor will manage the origination, structuring, underwriting, syndication and portfolio management activities of Citi Private Bank's global subscription lending business in North America. Mr. Prostor previously worked in the Sponsor Finance group from 2006-2010. Prior to joining Citi Private Bank, he spent 18 years as a corporate banker with PNC, HSBC and Citi, including a total of 10 years covering mid-market private equity sponsors to source portfolio company financing opportunities.
Investor Sues Citibank
Dec 9 14
Citibank was sued by investor Dr. Sami Abbas Hussein Ali before the Abu Dhabi Commercial Court of First Instance (Lawsuit No. 2901/2014) on 08/12/2014. Citibank is accused of self-dealing, defrauding investors, and attempting to initiate a global cover-up of investor losses. According to the lawsuit Citibank International PLC, Citi Private Bank, and Citi Private Bank Abu Dhabi: Hid losses from investors in the CReAM (Citi Real Estate Asset Management) Fund, some of whom unknowingly lost their entire investment, for more than three years before sending a one-page letter that stated that previous quarterly reports showing value in the investment had been inaccurate as a result of a "Citi Private Bank operational error."; purchased two shopping centers in the United Kingdom at questionable values, one of which appears to have been owned by the CReAM Fund's own manager, without disclosing the "insider" nature of the transaction to investors; admittedly failed to obtain required approvals from the Central Bank of the United Arab Emirates to solicit investments from investors in that country. Under UAE law, investments marketed to investors in the country without the required approvals are null and void. Citibank marketed the CReAM Fund to investors in the GCC countries of the Middle East in 2004 as a medium risk investment projected to yield annual revenues at a rate of 4 percent. From 2004 to 2006, the CReAM Fund, which was managed by David Lockhart of the Halladale Group Plc, invested in 12 shopping centers in the United Kingdom. However, unknown to investors, Mr. Lockhart's employer, Halladale, appears to have owned one of the shopping centers, which was sold to the CReAM Fund at questionable values. All of the shopping centers eventually liquidated, costing investors millions of dollars. Mr. Lockhart, through a new entity known as New River, in 2008 purchased the assets of CReAM Fund at distressed prices. Again, none of the proceeds went to the original investors. "Citibank, Halladale Company and Mr. Lockhart achieved huge profits…at the time the Plaintiff lost all the invested money," according to the lawsuit. Dr. Sami Abbas Hussein Ali is seeking among other reliefs the return of his entire investment, plus appropriate compensation for the losses suffered by him on account of the wrongful acts of Citibank. The Lawsuit stands posted to December 21, 2014.
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