International Personal Bank U.S. (IPB U.S.) kicks-off 2019 with big ambitions for clients worldwide. This U.S-based business within Citi continues to drive its growth strategy by attracting high-net-worth clients. Some of the features that make the IPB U.S. offer one of the most competitive in the market include being a one-stop-shop, providing access to a wide range of international banking and investment products and services and offering the benefit that is often associated with having your assets in the U.S.
Rebecca Macieira-Kaufmann is one of the industry’s most recognized and influential leaders with vast experience in retail banking and international wealth management. As business head of IPB U.S., she has a vision equally as global as the institution she works for; this vision is particularly important for the growth of the Latin American and international businesses – one of the strategic focal points of Citi at a global level.
During a visit to Uruguay, Rebecca met with Funds Society to talk about the growth strategy implemented by IPB U.S., including growing the team in the United States and attracting top talent for offices in Montevideo located in Zonamérica and in Ciudad Vieja.
Together with Juan Guillermo Ramírez, Director, IPB U.S. Latin America Cluster Head, and Rodolfo Castilla, Market Head for the South Cone, Rebecca and her leadership team are committed to driving IPB U.S. into a new phase of well-controlled growth. Part of the strategy consists of attracting new talent, the best professionals in the industry—who are capable of serving high-net-worth clients with excellence.
Rebecca explains the strategy: “We are completely committed to serving the global client in Latin America, focusing on the South Cone (Argentina, Uruguay and Paraguay), as well as in Colombia, Peru, and Brazil, with a particular focus on Mexico. We have been in the market for more than 200 years, and continue to provide solutions to our clients’ evolving needs, as well as provide the highest level of personalized service.”
Rebecca also points out that the business is experiencing a phase of growth: “Our target market are international clients who are looking for a secure and trustworthy, global institution with a proven track record and strong operating controls. The representation of the U.S. financial market is also very important to our clients and, contributes to Citi and IPB U.S.’s differentiated offer.”
Juan Guillermo highlights the organizational changes that allowed the business to get closer to clients: “To serve the Latin America region, the business has structured its organization into small sales teams, referred to as “clusters,” united by the same geographic region. The focus is to execute personalized, market-centric, wealth management strategies, and deliver remarkable client experiences. This structure allows us to better understand our clients’ needs, concerns, and priorities, and to provide them the best banking and investment solutions available in the market. It is all about building long-term relationships, based on trust, and leveraging our knowledge of the local markets to provide differentiated service,” he states.
As a truly global financial entity, Citi’s International Personal Bank U.S. (IPB U.S.) has various advantages, which differentiates it from its competitors:
“We leverage Citi’s global presence and footprint, which provides many advantages such as a robust range of product and service offerings, as well as the access to resources all over the world. Through IPB U.S., clients have access to a wide range of banking and investment solutions. As part of a highly respected franchise, we leverage the strength of our globally recognized and admired brand. We are able to offer excellent products, innovative investment solutions and digital capabilities supported by a committed network of colleagues and partners,” he assures.
When it comes to investing, “financial professionals at IPB U.S. have access to a dedicated team of experts; from the Investment Lab providing asset class insights and thought leadership, to Investment Counselors building customized portfolio solutions for clients,” he adds.
Juan Guillermo also highlights the importance of the personalized investment-counseling model: “We have an experienced investment counselor team that is comprised of the best talent who work hand-in-hand with our financial professionals.”
Rodolfo Castilla, Market Head for the South Cone, explains that the business brand “has a unique value proposition that perfectly combines: asset management, banking solutions and lending products.
We are one of the few global banks that remain in the region, and we have a unique value proposition that no one else has in the market. We are currently hiring experienced bankers and educating them on our new structure with the goal of being as close as possible to the client.”
“When customizing and designing personalized investment strategies, our advantage is that, as a global bank, we have a Global Investment Committee (GIC). In order to enhance the return potential of client portfolios, the GIC analyzes historical market data, economic indicators and other fundamental factors to build projections of risks and returns, resulting in strategic and tactical asset class allocation. We take advantage of the analyses coming from experienced teams, which is a great component of our value proposition,” Rodolfo adds.
IPB U.S. offers two account packages designed to meet the needs of their clients: Citigold® International and Citigold® Private Client Account Packages. Citigold® Private Client and Citigold® International specialize in serving the unique needs of international clients who seek customized personal wealth management services through Citi.
The features and benefits of the Citigold® International Account Package is reserved for international clients with at least $200,000 in liquid assets available to invest. Meanwhile, the advantage of the Citigold® Private Client Account Package includes valuable features and benefits reserved for international clients with at least one million US Dollars in liquid assets available to invest.
At IPB U.S., we currently believe that the main challenge in the financial industry—for the international client, specifically—is the growing number of regulations and multiple in-country laws. In the upcoming years, financial businesses will have to operate on a larger scale, offering a single, integrated, product and service model in order to be competitive.
“The most important thing is that clients have access to our intellectual capital, such as our outlook on the global market, our asset allocation recommendations, and our proprietary research. IPB U.S. is expanding globally in terms of financial advisors, product offers and asset management solutions. Talent is an increasingly important differentiating feature, and we are actively looking for the right people who will help us to grow,” Rebecca concludes.
Citi, a global bank
Citi is one of the most respected financial institutions worldwide. The firm has presence in 160 countries and jurisdictions. In Latin America, Asia, and Europe, Citi maintains strategic relationships with local partners to help provide key value propositions. The company employs more than 200,000 people around the world, and manages about 200 million client accounts.
Currently, Citi has a global strategy to develop its digital capabilities and expand its client-centric ecosystem.
Rebecca Macieira-Kaufmann: The Career Path of a Woman in the World of Finance
Rebecca Macieira-Kaufmann is the Head of Citigroup’s International Personal Bank U.S (IPB U.S.), a U.S-based business. In this role, she manages the international wealth management business, focused on the needs of multi-national clients – particularly those who hold or seek U.S.-dollar based offerings. She concurrently serves as the Chairman of the Board of Directors of BUSA Servicing Holdings, Inc. (previously Banamex USA). She was also the Chairman of the Board of Directors of Banamex USA.
Prior to leading Citi’s International Personal Bank U.S., she served as the President and Chief Executive Officer of Banamex USA, a subsidiary of Citigroup Inc. and affiliate of Banco Nacional de México, the second-largest bank in Mexico.
Prior to joining Banamex USA, she served as President of Citibank’s retail banking business in California and Nevada, where she was responsible for 396 branches and more than 4,000 employees.
Before joining Citibank in 2008, Rebecca Macieira-Kaufmann was Executive Vice President and Head of the Small Business Segment at Wells Fargo. Among her tasks, she was responsible for profit and loss management of the Small Business Cash Management and Business Direct Lines & Loans businesses, as well as Small Business Marketing and the National Business Banking Center for the Diversified Products Group.
In October 2018, Rebecca Macieira-Kaufmann received the Fulbright Lifetime Achievement Award in recognition of her accomplishments in fostering intercultural relations between Mexico and the United States both within the business sector as well as within the community.
Rebecca Macieira-Kaufmann has been recognized for her leadership and accomplishments, including recognition as an Influential Woman in Bay Area Business by the San Francisco Business Times for ten consecutive years and as a Forever Influential Woman in 2015. She was also named the 2010 Financial Woman of the Year by the Financial Women’s Association of San Francisco.