Citibank is seeking to expand its private banking business in Nigeria, with Private Equity (PE) firm, Blackstone being brought in to help facilitate the move.
The company says discussion is on-going, and that Blackstone is still studying the market.
According to them Blackstone has made minimal investments in the continent specifically in Ghana, but they are looking at expanding into Nigeria.
“Citi brought them (Blackstone) in to discuss prospects in the Nigerian market. They are still studying the market, right now they have made minimal investments in the continent specifically in Ghana, but they are looking at expanding into Nigeria, that is in the future,” a top ranking Citi official told a leading Nigerian financial newspaper, Business Day.
The current value of the Nigerian private banking market is estimated at over $60 billion and the country has the continent’s richest man, Aliko Dangote, having a total net worth of $13 billion, according to Forbes. In terms of numbers, about 460 of the over 160 million people account for the $60 billion.
Citi private banking is one of the leading providers of investing, banking, lending and wealth advice to the world’s most successful individuals and families, across 46 countries and jurisdictions, and has over $250 billion in assets under management.
The Private Bank offers a wide range of products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance, banking and art, aircraft and sports advisory, and finance.
Blackstone’s Private Equity Funds which pursue investment opportunities in a variety of global markets have $51 billion in assets under management and have concluded 173 transactions since 1988.
At the end of 2012, 75 per cent of investments were in North America, 17 per cent in Europe, 6 per cent in Asia, and 1 per cent in the Middle East and Africa region.