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  • Citi’s 20th Annual China Conference: Connect, Engage, and Explore Strategic Opportunities in Shanghai and Shenzhen

    Citi’s 20th Annual China Conference: Connect, Engage, and Explore Strategic Opportunities in Shanghai and Shenzhen

    Citi, the global banking giant, is all set to host its 20th China Conference in the cities of Shanghai and Shenzhen. The event promises engaging discussions from esteemed guest speakers such as Jane Fraser, Citi’s CEO, and Janet Yellen, the former US Secretary of the Treasury and former Federal Reserve Chair.

    The 20th Citi China Conference

    The conference, scheduled to be held in Shenzhen from November 11-12 and in Shanghai from November 13-14, has sparked interest from around the globe. Over 2,300 business leaders, investors, and thought leaders are expected to participate, making the event a significant international gathering.

    The four-day conference will include more than 40 sessions, with a speaker list featuring many notable figures. Among the key speakers are Jane Fraser, CEO of Citi, Janet Yellen, former US Secretary of the Treasury and ex-Federal Reserve Chair, and Nicholas Burns, former US Ambassador to China.

    Citi’s Commitment to China

    This conference marks Citi’s continuing commitment to promoting business opportunities in China. “The Citi China Conference underscores our vision of bridging global investors with strategic opportunities in China,” stated Marc Luet, Citi’s head of Japan, Asia North, and Australia Banking. “With a history of over 120 years in fostering growth for companies in China, we look forward to continuing this role by aligning our clients’ aspirations with possibilities within and beyond China.”

    In a first, the conference will be presented in a comprehensive format in China, symbolizing the significance of the Chinese market. Wenjie Zhang, Citi’s Country Officer and Head of Banking in China, added, “This represents our dedication to our clients in this region.”

    Questions & Answers

    When and where will the 20th Citi China Conference be held?
    The conference will take place in Shenzhen from November 11-12, and in Shanghai from November 13-14.

    Who are some of the key speakers at the conference?
    The key speakers include Citi CEO Jane Fraser, former US Secretary of the Treasury and ex-Federal Reserve chair Janet Yellen, and former US Ambassador to China Nicholas Burns.

    What is the significance of this conference for Citi?
    This conference marks Citi’s commitment to connecting global investors to strategic opportunities in China. It also represents the importance of the Chinese market to Citi.

  • Veteran Banker Chelsea Chu Takes Helm At Citi’s Corporate Banking Division In Taiwan

    Veteran Banker Chelsea Chu Takes Helm At Citi’s Corporate Banking Division In Taiwan

    Chelsea Chu, a veteran banking executive, has been appointed to head the corporate banking division of the American financial institution, Citi, in Taiwan. Based out of Taipei, Chu is expected to leverage her considerable experience in banking to enhance the bank’s performance across various customer segments within the market.

    Chu brings a formidable banking background to her new position. She has amassed 28 years of experience in the industry, with her most recent role being the head of corporate coverage for Taiwan at ANZ. Chu is no stranger to Citi, having spent two decades of her career at the bank, dealing with large corporate clients from a wide range of industries in Taiwan.

    Christie Chang, the chair of Citi Taiwan Limited, expressed the bank’s delight at welcoming Chu back into the fold. Chang highlighted Chu’s comprehensive experience and proven success as invaluable assets that will contribute to the strengthening of client relationships and solidify the bank’s leadership in Taiwan’s corporate banking sector.

    Kaleem Rizvi, Citi’s head of corporate banking for Japan, Australia, and North Asia, also shared his confidence in Chu’s ability to lead. Rizvi believes that under Chu’s leadership, Citi’s preeminent corporate banking franchise in Taiwan will continue on its robust growth trajectory.

    Since 2020, Citi has been instrumental in raising over $30 billion from global capital markets to assist Taiwanese corporate clients, underscoring the bank’s significant influence and commitment to the corporate sector in Taiwan.

    Questions & Answers

    Who has been appointed as the new head of corporate banking for Citi in Taiwan?
    Chelsea Chu has been appointed to head Citi’s corporate banking unit in Taiwan.

    Can you provide some information about Chelsea Chu’s professional background?
    Chelsea Chu has an extensive background in banking with 28 years of experience. She recently served as the head of corporate coverage for Taiwan at ANZ. Before that, she spent 20 years at Citi, handling large corporate clients across various industries in Taiwan.

    What is expected from Chelsea Chu in her new role at Citi?
    In her new role, Chelsea Chu is expected to use her vast experience to improve the bank’s performance across all customer segments in Taiwan. She is also expected to strengthen client relationships and enhance Citi’s leadership in Taiwan’s corporate banking sector.

  • Srini Kannan Takes Charge As Citi India’s New Head Of Digital And Technology

    Srini Kannan Takes Charge As Citi India’s New Head Of Digital And Technology

    Citi Commercial Bank has announced the appointment of Srini Kannan as the new Head of Digital and Technology in India. The appointment is set to take effect in early December.

    Srini Kannan’s Career and Expertise

    Kannan brings to Citi a wealth of experience in various fields such as equity, debt, mergers and acquisitions (M&A), financing, risk management, and payments. He recently held the post of Head of Innovation Economy and Venture Capital Coverage in India at J.P. Morgan. He also played a key role in the development of J.P. Morgan’s mid-corporate business in South India.

    Prior to these positions, Kannan began his career with Citi in 2002, as a part of the corporate banking team. He now returns to lead the charge in digital and technology.

    Expectations for Kannan at Citi

    Kannan’s addition to the team is expected to significantly boost Citi Commercial Bank’s operations in India, which is one of the bank’s largest markets globally. It is also projected that the bank will expand further in the coming years.

    K Balasubramanian, the CEO of Citi India, and Banking Head of the Indian subcontinent, expressed his optimism about Kannan’s appointment. The bank currently plays a major role in supporting India’s dynamic startup scene, catering to nearly half of the country’s unicorns.

    Questions & Answers

    What is Srini Kannan’s new role at Citi India?

    Srini Kannan has been appointed as the Head of Digital, Technology, Communication, Business & Professional Services and Industrials for Commercial Banking at Citi India.

    What previous positions has Kannan held?

    Kannan has held various positions at J.P. Morgan, most recently as the Head of Innovation Economy and Venture Capital Coverage in India. He began his career with Citi in 2002 as part of the corporate banking team.

    What is the significance of Kannan’s appointment for Citi India?

    Kannan’s appointment is expected to strengthen Citi India’s operations, which is one of the bank’s largest markets globally. His expertise and experience are seen as assets in the bank’s plans for expansion in the coming years.

  • Citi Projects Vietnam’s 2025 GDP Growth at an Impressive 7%: A Bright Future Ahead!

    Citi Projects Vietnam’s 2025 GDP Growth at an Impressive 7%: A Bright Future Ahead!

    Citi has painted a nuanced picture of Vietnam’s economy, indicating that stricter enforcement of rules regarding origin certification might create hurdles for the country’s export growth in the coming months. With the Vietnamese government issuing directives in April to enhance inspections and supervision of goods’ origins, the implications of these changes remain a bit foggy. As a result, companies may face delays as stricter post-deal inspections take effect, leading to a potential slowdown in the anticipated rebound of export growth come Q3.

    In June, year-on-year export growth saw a minor decline to 16%, down from May’s 17%, prompting Citi to adjust its forecast for Vietnam’s GDP growth in 2025 to 7%, up from an earlier estimate of 6.6%. This optimistic adjustment is bolstered by Vietnam’s robust economic performance in the second quarter of the year.

    Vietnam experienced impressive GDP growth of 8% year-on-year in Q2 2025, surpassing expectations and improving from the 7% growth registered in Q1. This acceleration was primarily fueled by manufacturing, which contributed an additional 0.5 percentage points, likely spurred by frontloading activity from the U.S. While manufacturing shines, Citi underscores that intensified growth was also supported by domestically-focused sectors, demonstrating a balanced economic foundation.

    Minh Ngo, Citi’s Vietnam Markets Head and Country Treasurer, explained that the bank is keen on bridging global clients with local markets and vice versa. “Our commitment to supporting Vietnam’s growth is evident in our cutting-edge solutions in FX hedging, rates and commodities derivatives, liquidity management, and structured funding for a diverse clientele which includes corporate, commercial, public sector, and investor clients,” stated Ngo.

    He added, “With our expansive global network and international footprint, we provide clients a considerable edge, empowering them to navigate the ever-evolving market landscape and refine their operations and supply chains to meet the challenges of dynamic external conditions.” In a vibrant market like Vietnam, there’s always the potential for surprising twists — who knew navigating regulations could become the economy’s newest sport?

    Questions & Answers

    What factors are currently affecting Vietnam’s export growth?
    Stricter enforcement of origin certification and enhanced inspections are leading to potential delays and hurdles in export growth.

    How has Citi adjusted its economic forecast for Vietnam?
    Citi has increased its forecast for Vietnam’s GDP growth in 2025 from 6.6% to 7% following strong performance metrics from Q2.

    What is Citi’s strategy for supporting its clients in Vietnam?
    Citi aims to connect global clients with local markets and offers solutions in FX hedging, liquidity management, and more to help navigate the complex market landscape.

  • Citi Welcomes Nomura’s Senior MD as New Co-Head of Investment Banking in Japan

    Citi Welcomes Nomura’s Senior MD as New Co-Head of Investment Banking in Japan

    Citi has tapped Akira Kiyota and Taiji Nagasaka as co-heads of investment banking for Japan, an appointment that took effect on October 1, 2025. This strategic move signals Citi’s commitment to bolstering its operations in one of Asia’s most significant financial markets.

    Bringing Extensive Experience to the Table

    Kiyota joins the ranks of Citi after an impressive tenure at Nomura, where he served as a senior managing director and global head of mergers and acquisitions since 2022. With over three decades of experience in investment banking, Kiyota specializes in mergers and acquisitions as well as in healthcare and consumer coverage, providing valuable insights to clients globally. His prior roles include stints at J.P. Morgan Securities and Sanwa Bank, solidifying his reputation as a heavyweight in the industry.

    Nagasaka’s Deep Roots in the Market

    On the other hand, Nagasaka brings a wealth of knowledge from his current position as managing director and head of Investment Banking products and equity capital markets for Citi in Japan. With over 20 years of experience in advising clients on capital markets transactions and M&A, Nagasaka has been instrumental in navigating the complexities of the Japanese market. He joined Citi in 2022 from Mizuho Securities, where he headed equity capital markets, further sharpening his credentials in an increasingly competitive landscape. It’s safe to say that together, Kiyota and Nagasaka carry enough experience to write a chapter on Japanese investment banking.

    A New Leadership Structure

    The duo will report to Jan Metzger, who oversees investment banking for Japan, Asia North & Australia, as well as Asia South, alongside Robert Nakamura, Citi’s Country Officer and banking head for Japan. This change marks a pivotal moment for Citi as it aligns its leadership structure with its growth ambitions in Asia.

    Expansion of Vice Chair Role

    In a related development, Masuo Fukuda, the vice chair of Citi Japan and head of investment banking, will transition to a new position as Vice Chair for Japan and Asia North investment banking, while also retaining his existing responsibilities. This dual role underscores Citi’s strategy to enhance its leadership footprint in the region.

    Questions & Answers

    What positions have been created at Citi for the investment banking sector in Japan?
    Citi has appointed Akira Kiyota and Taiji Nagasaka as co-heads of investment banking for Japan, effective October 1, 2025.

    What prior experience does Akira Kiyota bring to his new role?
    Kiyota has over 30 years of experience in investment banking, previously serving as global head of mergers and acquisitions at Nomura, and has worked at J.P. Morgan Securities and Sanwa Bank.

    Who will Kiyota and Nagasaka report to in their new roles?
    They will report to Jan Metzger, head of investment banking for Japan, Asia North & Australia, and Robert Nakamura, Citi Country Officer and banking head for Japan.

  • Citi Names Asia Clean Energy Head

    Citi Names Asia Clean Energy Head

    Based in Hong Kong, the newly created role will support the bank’s clients with their transition to cleaner energy.

    Citi has appointed William Pang as head of natural resources and clean energy transition (NRCET) investment banking Asia, effective immediately, the U.S. lender announced in a statement on Tuesday.

    Pang joined Citi in 2015, and has over 18 years of investment banking and legal experience, including at HSBC, Lexicon Partners, Macquarie Group and Clifford Chance.

    In his new role, Pang will work closely with the global leaders of NRCET and the leaders of the relevant sectors – chemicals, energy, power and clean energy transition. He is currently head of power and infrastructure investment banking for Asia, and will concurrently hold this role, the announcement said. He will report regionally to Jan Metzger, Asia Pacific head of banking, capital markets and advisory and globally to NRCET co-heads Stephen Trauber and Sandip Sen.

    In 2019, Citi met its $100 billion environmental finance goal four years early. In April 2021, it announced a $500 billion environmental finance goal and $1 trillion sustainable finance goal, all by 2030. Circular economy and sustainable agriculture and land use are among the new criteria for its $500 billion goal.

    The drive toward low and net-zero carbon solutions will facilitate the formation and growth of many new companies and will require significant capital investment. It will also facilitate the formation and growth of many new companies requiring significant capital investment, Metzger said.

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  • Citi Vietnam Earns Prestigious FinanceAsia Best Corporate Bank 2025 Award!

    Citi Vietnam Earns Prestigious FinanceAsia Best Corporate Bank 2025 Award!

    Citi Vietnam has just snagged a triple crown at the FinanceAsia Awards 2025, earning accolades for being the Best Corporate Bank for Large Corporates & MNCs, the Best Commercial Bank for SMEs, and the Best Sustainable Bank. These prestigious recognitions were revealed on June 17 in Hong Kong, shining a spotlight on the bank’s remarkable performance in the region.

    A New Era of Corporate Finance

    In 2024, Citi’s Corporate Banking team orchestrated a significant financing package amounting to $521.5 million for PV Power’s Nhon Trach 3 and 4 LNG power projects. This landmark transaction stands as the largest corporate financing for a state-owned enterprise in Vietnam, all achieved without the backing of a Ministry of Finance guarantee. Better yet, it features the longest tenor and the most cost-effective terms, innovatively structured through a hybrid approach.

    Empowering Mid-Sized Enterprises

    Citi’s Commercial Bank has been instrumental in supporting mid-sized firms, exemplified by its role in facilitating essential working capital and social finance for an Indian coffee processing company. This initiative allows the company to source beans directly from farmers, enhancing community engagement and support.

    Likewise, Citi has designed a green trade finance facility for a leading manufacturer in the recycled wastepaper sector, reinforcing the company’s dedication to sustainable practices.

    Global Reach, Local Expertise

    Highlighted by Pham Huu Hai, Citi Vietnam’s Corporate Banking Head and Hanoi Branch Director, the bank’s robust presence in 94 markets and service to clients across over 180 countries sets it apart in the competitive banking landscape. “No other bank matches our global reach,” he affirms.

    He adds, “Our extensive local knowledge, paired with our global product platform and structuring expertise, empowers us to assist international clients investing in Vietnam, while also providing innovative solutions for Vietnamese clients seeking access to global capital markets. We are grateful for FinanceAsia’s acknowledgment of our team’s hard work.”

    In a world where challenges are evolving, Citi Vietnam seems to have found a winning formula. Who knows, maybe they’ll take their talents to the coffee cup next!

    Questions & Answers

    What awards did Citi Vietnam receive at the FinanceAsia Awards 2025?
    Citi Vietnam was named the Best Corporate Bank for Large Corporates & MNCs, Best Commercial Bank for SMEs, and Best Sustainable Bank.

    What notable financing deal did Citi arrange in 2024?
    Citi facilitated a $521.5 million financing package for PV Power’s Nhon Trach 3 and 4 LNG power projects, marking a significant achievement for state-owned enterprises in Vietnam.

    How does Citi Vietnam support local businesses?
    Citi provides tailored financial solutions to mid-sized firms, including working capital for an Indian coffee processing company and a green trade finance facility for a recycled wastepaper manufacturer.

  • Citi Posts All-Time High in APAC Net New Assets

    Citi Posts All-Time High in APAC Net New Assets

    Citi’s wealth management business in Asia Pacific registered a record-high in net new assets during the first half.

    Citi’s newly merged wealth management unit – Citi Global Wealth (CGW) – attracted nearly $15 billion in net new money across Asia Pacific, according to a statement, mostly from its wealth hubs in Hong Kong, Singapore, London and UAE.

    This included $8 billion from the second quarter with assets under management growing 21 percent year-on-year.

    Citi posted $6.19 billion of net income in the second quarter – a nearly six-fold increase compared to the same period last year.

    Asset growth was supported by ongoing expansion at CGW which includes plans to add an extra 2,300 staff – including 1,100 relationship managers and private bankers – in order to add $150 billion in total client assets by 2025.

    Year-to-date, the American bank has already added «several hundred wealth professionals» in APAC, the statement added.

    «We are capturing market share as Asian clients increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures,» said Citi’s APAC chief executive Peter Babej. «As the world’s most global bank, with broad-based expertise across investment products, we are strongly positioned and fully committed to serving these needs.»

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  • Citi Private Bank Hires Global Market Head for China

    Citi Private Bank Hires Global Market Head for China

    Citi Private Bank has named a new global market head for China-based in Singapore.

    Lillian Liao joins Citi Private Bank as a managing director and global market head, China, sources said, reporting to North Asia head of private banking Rudolf Hitsch. A spokesperson for the bank declined to comment.

    Liao joins from Credit Suisse where she spent nearly 13 years last as a managing director and senior client partner.

    Citi Private Bank continues to bolster senior talent in the region following a reorganization that saw it merge retail, wealth management and private banking into a single unit – Citi Global Wealth (CGW). Citi Private Bank’s APAC head Steven Lo was named as co-head of the CGW unit in the region.

    Last month, the American private bank added ex-UBP wealth planner Faye Ong as head of the family office advisory, private capital group.

    And in May, it appointed 30-year Citi banker Lee Lung Nien as South Asia head of private banking.

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  • Citi Singapore Appoints Senior Execs

    Citi Singapore Appoints Senior Execs

    The bank has appointed five locals to senior positions across Asia Pacific in various business groups, according to an announcement.

    Chan San-San, who joined Citi in 2003, was appointed private banking high net worth head for Asia Pacific, effective July. She will continue to be based in Singapore and will join the Global Private Bank leadership team as well as the Citi Global Wealth Asia management team.

    Singapore-based Kelvin Goh was appointed Asia Pacific head of financial institutions group for investment banking, effective immediately. Goh, who joined the bank in 2018, brings 17 years of experience in the field and was most recently Citi’s Asia Pacific head of insurance, investment banking.

    Gary Chan, who joined Citi in 1997 and was most recently Singapore head of the integrated corporate bank, has been appointed Taiwan head of the integrated corporate bank, effective October 1. He will be taking over from Vivian Tan, who will be retiring from Citi after 21 years of service.

    Taking over from Chan is Gilbert Ng, who will be responsible for clients belonging to the corporates, financial institutions and public sector groups, and will have oversight of the global subsidiaries group, effective immediately. Ng joined the bank in 2006 and was most recently head of global subsidiaries group, Singapore.

    Toh Jian Xun was appointed as co-head of TMT, Asia Corporate Bank, effective immediately. He will continue to serve in his current role as head of TMT for China corporate bank, based in Shenzhen. He joined Citi in 2010.

    The moves signal our commitment to develop local talent, provide opportunities for personal and professional growth across our global network, and offer our people a long-term career in the bank,» Amol Gupte, ASEAN head and Citi country officer for Singapore, said.

    The appointments come on the heels of two other senior moves in Singapore: Serene Gay as the head of credit cards and personal loans for Citibank Singapore and Faye Ong as the head of family office advisory for Asia at its private bank.

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  • Citi Private Bank Loses China Heavyweight

    Citi Private Bank Loses China Heavyweight

    Citi Private Bank loses several within its mainland China coverage team, including a veteran relationship manager.

    Citi Private Bank’s global market manager for southern mainland China, Kevin King, has resigned from the bank, sources said. In addition, another four have also left the China team at the private bank.

    A spokesperson for the bank declined to comment.

    King spent a decade with Citi Private Bank covering the China market after kicking off his private wealth career with UBS and J. Safra Sarasin. Prior to joining the industry, he worked at the Hong Kong Trade Development Council where he focused on developing relations with the Greater China business community.

    The departures occurred in the midst of a new organizational structure for Citi’s private banking arm.

    Previously a standalone business, the American lender will now run all its wealth management businesses under a single unit, merging teams that cover the full range of clients from retail to ultra-high net worth individuals. The new unit will be led by ex-global head of investor sales and relationship management Jim O’Donnell.

    Last year, Citi’s merged wealth management businesses in Asia Pacific posted record-high net new money of $20 billion, a 10 percent year-on-year increase, according to the bank. This led assets under management to grow to $238 billion with a client base that includes approximately one-third of all billionaires in the region.

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  • Citi Mulls Sale of Consumer Units in Asia

    Citi Mulls Sale of Consumer Units in Asia

    Citigroup is exploring the possibility of downsizing its consumer business worldwide with an eye on selling some of its businesses in the Asia Pacific region.

    Consumer banking units in South Korea, Thailand, the Philippines and Australia were named for potential divesture, according to a report citing unnamed sources. The Mexico consumer unit is also being reviewed, though a sale is less likely.

    No decisions have been made and there is still a possibility that no divestitures will be made.

    While Citi may potentially exit some markets in Asia, it could signal sharpened focus in other ones.

    In Singapore, the bank recently rolled out its largest wealth advisory hub with a 30,000 square feet space that can house over 300 relationship managers and product specialists. Citi aims to double its wealth management market share and boost clients by double-digit percentages in the coming years.

    In rival hub Hong Kong, net new money inflows soared 44 percent in 2020 with the wealth management (9 percent), institutional (10 percent) and treasury (5 percent) business all seeing positive revenue growth.

    Globally, the bank saw profits plunge 41 percent to $4.6 billion with a 10 percent drop in revenues to $16.5 billion. Outgoing chief executive Michael Corbat subsequently saw his compensation slashed by 21 percent to $19 million.

    As our incoming CEO Jane Fraser said in January, we are undertaking a dispassionate and thorough review of our strategy, including our mix of businesses and how they fit together,» according to a spokesperson for the bank.

    As you would expect, many different options are being considered and we will take the right amount of time before making any decisions.»

  • Citi Hong Kong Bucks Groupwide Profit Trend

    Citi Hong Kong Bucks Groupwide Profit Trend

    Citi’s Hong Kong businesses registered growth across the board, according to an internal memo seen, despite a more than 40 percent drop in profit for the overall group. Citi Hong Kong’s consumer business saw a 44 percent increase in net new money inflows with 9 percent revenue growth in wealth management in 2020, according to an internal memo seen.

    Within its institutional business, banking revenues were up 10 percent, backed by a 61 percent increase in investment banking. The memo highlighted equity deals Xinyi Solar and Kerry Express Thailand, the secondary listing of Yum China, and advisory for the privatization of Li & Fung.

    Its markets business saw 5 percent growth with its treasury unit as the major revenue performer, benefitting from low-interest rates.

    According to Citi’s Hong Kong and Macau CEO Angel Ng, Asia remains key to the success of the bank’s wealth strategy which includes its recent move to merge the whole business from affluent to ultra-high net worth clients. She also highlighted digitalization, Greater Bay Area, and other areas of focus for the business.

    A spokesperson confirmed the contents of the memo.

    The Hong Kong unit contrasts with that of Citi’s global results which posted flat revenues year-on-year at $74.3 billion with profits down 41 percent to $11.4 billion.

  • Citi Launches Hiring Spree in Singapore

    Citi Launches Hiring Spree in Singapore

    Citibank Singapore is set to see a vitalized drive towards expansion as the American lender shared major targets on hiring, assets and clients following the launch of its new wealth hub in Orchard.

    Citi will look to double its assets – currently with $280 billion under management – and triple the number of clients by 2025, according to a report.

    To achieve this, the bank will also look to hire over 330 relationship managers.

    Alongside the latest opening of its wealth hub – a four-floor 30,000 square feet space that can accommodate over 500 people with current restrictions and an extra 100 without – the bank is also seeking to build one or two more hubs in the city-state but no timeline was shared. It also has over 70 wealth hubs and client centers in the broader region to serve its affluent customers.

    One of the key reasons for the selection of Singapore as the hub of choice, according to Citi’s head of consumer banking for Asia Pacic and Europe, Middle East and Africa Gonzalo Luchetti, is trust.

    You have a stable, well-tested framework, under which you can operate, he said. It gives clients the trust that you really need in the business of wealth.»

    In addition, Luchetti also highlighted the geographical location, a strong economy, large amounts of local wealth and talent pool as other reasons.

    In line with the overall industry trend, Citi has benefited in digital adoption in a model Luchetti described as «light-physical, high-digital».

    Less than 1 percent of transactions in Singapore executed at branches and year-to-date, retail sales of mutual funds digitally doubled compared to the same period in 2019.

    Although the bank has reduced space occupied – 10 outlets in Singapore, down from 14 at the start of the year – it maintains that a physical presence and human touch from relationship managers will continue to matter.

    One of the bank’s key strategic approaches will be to leverage its overall network and capabilities to serve the full spectrum of wealth – from the emerging affluent to ultra-high net worth individuals – by creating closer links between the private bank and the global consumer bank, benefiting from the former’s product capabilities and the latter’s transactional capabilities.

    The ability to offer mass affluent clients the type of access to global and institutional caliber insights from the private bank sets Citi apart, Luchetti added.

    This is one of the key things that we see as our differentiators – that we can grow with our clients as their wealth journey moves forward.

  • Citigroup’s Retail Banking Reorg

    Citigroup’s Retail Banking Reorg

    The combined entities will be led by Jonathan Larsen, who is currently the global head of the company’s retail banking division. The newswire reported that the company has also named Anand Selvakesari head of consumer banking for Asia, a position held by Larsen for the past six years.

    Latin America’s consumer banking division will in turn be the province of Fabio Fontainha, who now helms consumer banking in Brazil.

    Separately, Dow Jones reported that the move represents an effort by the company to “shore up“ its mortgage operations. The changes were reportedly part of a memo penned by Stephen Bird, who was recently tapped to lead the consumer bank.

    Larsen’s new role helps put the spotlight on the increasing focus by Citi on its Asian consumer business, a segment that accounted for 21 percent of the company’s global consumer banking business. And, as Dow Jones said, Asia has traditionally been a launching pad of sorts, where Citi debuts new financial products and tests them before bringing them to other parts of the world.

    Dow Jones further reported that Larsen, who up until now has been based in Hong Kong, will now be based in both New York and Hong Kong. Larsen’s move essentially positions the executive as a replacement for Jane Fraser, who had been in charge of the company’s global mortgages and U.S. consumers divisions.

    The latest corporate shuffle at Citi comes after CEO Michael Corbat had repositioned executives across three continents, said Dow Jones. And that reassignment of executives came after Manuel Medina-Mora, who had been head of the consumer banking unit, announced his departure from the role. Bird’s memo and management changes mark his first executive-level moves since taking his current consumer banking job.

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