DUBAI: Citigroup has raised the minimum monthly average account balance new retail customers in the UAE must hold to AED35,000 ($9,529), it said.

Like many banks in the country, Citigroup has been focusing on attracting wealthier clients to expand its wealth management business, particularly as tight net interest margins are putting lending revenues under pressure.

The move “falls in line with our business model,” Citigroup said in a statement, without elaborating.

New customers must ensure they have a monthly average balance of at least AED35,000 in their account at all times, it said. The previous limit was AED3,000.

The new limit did not affect existing clients, regardless of the minimum monthly average balance in their account, and customer accounts will not be closed, the bank said. It said the new rule was effective from June 2015.