UniCredit raises threshold for private banking clients to 200,000 euros

UniCredit Tiriac is revising its business model on the private
banking segment and is set to open specialised offices in several
corporate centres across the country, in the context where
operations have so far been exclusively carried out from the
Bucharest headquarters. The approach change comes as the bank will
implement a new client segmentation, with the private banking
department to be transferred from retail under the subordination of
the corporate unit. In parallel, the threshold for clients’ liquid
assets to qualify in the private banking area was doubled to
200,000 euros. Clients with significant wealth, but below this
limit, will be included in a new department, called “affluent”, to
be still coordinated by the retail division. After the current
reorganisation, the private banking department retains 800 clients,
whose cumulated wealth amounts to 250m euros. This means that on
average an individual client’s fortune goes beyond 310,000 euros.
“Private banking was transferred to the corporate segment because
this is where most leads come from. The affluent segment was
separated and will remain in the retail segment,” said Octavia
Cutus, who came at the helm of the bank’s private banking
department in February.