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Citi Branch Caters to Rich

Citigroup opened its first branch dedicated to Moscow's wealthy, 20 years after entering the Russian market.

The branch, in the elite shopping area of Ulitsa Petrovka, will provide clients who have assets in the region of $1 million to $15 million with investment services and access to "exclusive social events," the New York-based company said in a statement Monday.

The lender's Citigold wealth management service has accumulated more than 25,000 clients in Russia since its introduction in 2002, according to Amit Sah, the Moscow-based consumer banking head. "This concept has been successfully launched in Asia in key markets such as Hong Kong and Singapore," Sah said in the statement.

(Bloomberg)

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