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November 10, 2006

CitiBank Offering Ferrari Test Drives in China

posted by MR WAVETHEORY at 11/10/2006 09:33:00 AM
In an effort to get deposits from China's noveau riche, CitiBank is offering Ferrari test drives to wealthy Chinese entrepreneurs.
For now, Citigroup Inc. (NYSE C) is reaching out to China's wealthy by marketing fancy deposit products tied to stocks and commodities which it already has permission to sell, such as an investment account linked to the stock performance of five retailers. Mr. Selvakesari targeted affluent customers in Singapore with similar products in the mid-1990s. He says they offer customers higher returns than basic Chinese savings accounts do, and they underscore Citigroup's global reach.

Mr. Selvakesari says he wants to get wealthy people buzzing about Citigroup. He arranges for prospective customers to test drive Ferraris and Range Rovers. His team has invited prospects to "micromarketing events" such as presentations on feng shui, wine appreciation, health and economics.

That's entrepreneurial marketing!

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