Friday, 9th January 2009

 

Citigroup wealth unit eyes $400m jet deals in Middle East

Citigroup’s wealth management division is discussing eight to 10 private aircraft financing deals worth more than $400m (€268m) in the Middle East as the US bank seeks to benefit from the growing ownership of jets among rich individuals in the region, according to a report in Gulf News.

Mary Schwartz, global head of aircraft finance for Citigroup Global Wealth Management, said private jet acquisitions in the Gulf Cooperation Council doubled in the last two years from 43 deals in 2006 to 86 this year.

Since its first deal - worth more than $40m - seven years ago, Citigroup has financed private planes worth about $200m in the region.

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Mayfair goes Modern

Sebastian + Barquet, a three-year old design gallery based in New York and Chelsea, is opening a new gallery showing museum quality pieces in Mayfair next month, the first in London to focus on international modernism from the 1940s to the 1960s. Its opening exhibition is dedicated to American modernist design and is curated by celebrated architect Eric Parry.

Rich Monitor

Carphone chief escapes FSA sanctions as rules are clarified

The UK Financial Services Authority has clarified the rules for FTSE-listed company directors who have pledged their shares as collateral for loans, implementing a disclosure amnesty which will ensure David Ross, the chief executive of the Carphone Warehouse, will not face action from the regulator.

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