Friday, 9th January 2009

 

13 August 2008 - Press Briefing

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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