Bank Gutmann, the most important player on Austria's privatebanking market, managed to find almost 50 euro millionaires inRomania whose fortunes to manage.
The Austrians started "hunting" for clients in Bucharest almostthree years ago, and they opened an office in the capital city lastyear. The target announced to 2010 was a portfolio of 50clients.
The segment targeted by the Austrians includes entrepreneurs orlarge corporation managers with fortunes worth at least 1meuros.
The client selection threshold is thus much higher than in the caseof domestic banks that provide private banking services to theirclients, with levels ranging between 50,000 and 200,000euros.
"We are close to 50 clients, but our target was highly ambitious,"says Gordian Gudenus, a partner with Bank Gutmann.
The relationship with each client of the bank is managed by apartner, together with his or her team. At present, the Austrianshave two partners in charge with Romanian clients: Gudenus andIlinca von Derenthall, with the latter having assisted them indeveloping Bucharest operations.
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