Citigroup wants to outpace the market in its European wealth management business and will acquire rivals to increase market share, according...

Citigroup wants to outpace the market in its European wealth management business and will acquire rivals to increase market share, according to Marianne Hay, the US bank’s chief executive for global wealth management in Europe.

Speaking at the Reuters wealth management summit in Geneva, Ms Hay said: "We certainly intend to grow in excess of that [the market] and gain market share."

She mentioned the UK, Spain, Italy, Germany, Russia, Poland and the Czech Republic as some of the markets where the bank wants to expand its on-shore operations.

But the bank is not in talks at present, according to Ms Hay, who declined to comment on a report in La Tribune that Citigroup had expressed interest in buying one of its major competitors in France, Spain and the UK.

Citigroup is also looking to extend its operations in Germany over time, though the market there is difficult to penetrate, she said.

France is not on Citigroup's growth list, Ms Hay told the summit. "It's just a difficult market to penetrate. We see greater opportunities elsewhere."