Citigroup has lured Christopher Preston, the head of private banking at Rothschild Bank in Zurich, to join its newly integrated wealth management division in Europe, Middle East and Africa.

The creation of a single division sees Citigroup Private Bank offices in the EMEA regions, linking with Salomon Smith Barney's private client offices in Amsterdam, Dubai, London and Madrid. The two Citigroup's subsidiaries will combine their resources to serve a wider range of clients. Citigroup Private Bank, which manages $31bn (€35bn) assets, had previously serviced higher net worth clients.