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Banking

Primus Financial Holdings: Morse signals grand plans for post-Citi bank

Veteran launches $1 billion holding company; Targets banking, wealth and insurance

Bob Morse, Primus

"Our initial view is to stay away from the consumer side because we think it is a business that tends to make you a little bit of money in good times and lose you a lot in bad times"

Bob Morse, Primus

After 25 years working at Citigroup, many of them spent fending off criticisms of the firm’s universal banking model, Bob Morse might be forgiven for taking a break from the industry. Instead, the veteran banker is launching a new financial services group that aims to provide Asia‘s top companies and families with a full suite of banking products. "We are looking at a string of pearls approach," Morse says. "The aim is to acquire control positions in quality assets in the markets we want to do business in, slowly building a regional presence. The banking stream will start with a regional wholesale bank foundation to which we can then add more advanced activities."

Morse and his two founding partners, Wing-Fai Ng and Guocang Huan, say they have $1 billion of start-up capital with which to launch the venture, named Primus Financial Holdings.

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