Citigroup Private Bank is targeting growth in Spain and plans to add additional staff in the Southern European country, according to reports...

Citigroup Private Bank is targeting growth in Spain and plans to add additional staff in the Southern European country, according to reports in the Spanish press.

In an interview in the Spanish daily Expansion, Maria Teresa Pulido, the head of Citigroup Private Bank in Spain and Portugal, said the bank is pursuing its “private investment bank” strategy, which has been unveiled in the UK and other major markets for the private bank.

This links Citigroup’s investment banking capabilities much more with the private bank than previously – particularly in the construction of bespoke investment products and services for the bank’s predominately ultra-high net worth market.

In the UK, Citigroup Private Bank has entered an aggressive hiring phase, which is expected to be followed in the competitive Spanish wealth management market as well.