(Reuters) -Eric Trump, U.S President Donald Trump’s son, has signed up as a client of Citigroup and established a trust that holds some of his father’s money, Bloomberg News reported on Thursday, citing people with direct knowledge of the matter.
The value of the trust at Citigroup, which has the U.S. President as its beneficiary, is unclear, the report added.
When Donald Trump took office for his second term, he handed the daily management of his holdings to his children, repeating an arrangement he made during his first term.
Citi’s relationship started after CEO Jane Fraser reached out to congratulate President Trump on his election win in November, while wealth management chief Andy Sieg led the talks with Eric Trump, 41, the report said.
The bank has weighed how to limit access to information about the new trust to only key staff such as Sieg and Kent Lucken, a Citigroup banker handling the relationship, the report said.
Reuters could not independently verify the report. A spokesperson for Citigroup declined to comment on a Reuters request.
Trump said in a CNBC interview in August the country’s top two lenders, JPMorgan Chase and Bank of America had previously refused to take his deposits following his first term in office, without providing evidence.
At the time, Trump told CNBC, he “ended up going to small banks all over the place.”
This year, more banks have signaled interest in striking up relationships, with some of them privately contacting the Trump family, the Bloomberg report said, citing a person with knowledge of the talks.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Leroy Leo)
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