Citigroup's private bank aims to double net profit in the next three years, in part by tapping growth from wealthy individuals in emerging markets who have more than $25m to invest, unit head Jane Fraser told Dow Jones Newswires.

Citigroup's private bank, which began renewing its focus on the richest of the rich when it sold a majority stake in US broker Smith Barney to a joint venture with Morgan Stanley in 2009, wants to hire roughly 300 private bankers over the next three years, primarily in the US and in high-growth Asia, Fraser said. The private bank, part of Citi's broader securities and banking unit, doesn't report separate earnings.