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  • Citibank Korea Records Significant Q1 Growth: Noninterest Revenue Fuels Highest Earnings in Six Years

    Citibank Korea Records Significant Q1 Growth: Noninterest Revenue Fuels Highest Earnings in Six Years

    Citibank Korea has reported their most impressive quarterly earnings in over half a decade. The first-quarter net income witnessed a significant leap of 61% from the previous year, primarily due to a substantial rise in noninterest income.

    Citibank Korea announced a net income of 132.8 billion won (equivalent to $88 million) on a revenue of 330.5 billion won. This represents an increase of 23 percent from the previous year. The surge was primarily driven by a 77 percent escalation in noninterest revenue derived from the bank’s principal businesses, which include fixed-income trading, according to an official statement from the bank.

    In the first quarter, expenses saw a modest increase of 1 percent year-on-year, amounting to 156.4 billion won. On the other hand, the cost of credit recorded a net decrease of 600 million won, a drop of 111 percent from the previous year, owing largely to reduced credit costs in the corporate banking sector.

    Impressive Growth Amidst Challenges

    The quarter’s return on equity rose by 3.81 percentage points to reach 9.73 percent. Despite challenges such as geopolitical conflicts and increased volatility in interest and foreign exchange rates, Citibank Korea delivered its best quarterly performance since 2018, according to the bank’s CEO, Yoo Myung-soon.

    Myung-soon highlighted that this impressive performance was the result of a significant expansion in non-interest revenue across their core businesses in Banking, Markets, and Services. He emphasized the bank’s strategic focus and use of Citi’s global network, which aligns with the global progress of Citi, which posted its best results in a decade in this year’s first quarter.

    Questions & Answers

    What led to the significant increase in Citibank Korea’s first-quarter net income?
    The bank’s first-quarter net income saw a significant increase of 61%, primarily due to a substantial rise in noninterest income.

    What contributed to the decrease in the cost of credit for Citibank Korea?
    The cost of credit recorded a net decrease due to reduced credit costs in the corporate banking sector.

    What were the main challenges faced by Citibank Korea in the first quarter?
    Some of the challenges faced by the bank included geopolitical conflicts and increased volatility in interest and foreign exchange rates.

  • Citi Bolsters Asian FX Market Presence: Key Hires Spark Momentum in Regional Expansion

    Citi Bolsters Asian FX Market Presence: Key Hires Spark Momentum in Regional Expansion

    Citi is amplifying its efforts to boost its foreign exchange business across Japan, North Asia, Australia, and South Asia with the addition of seven experienced professionals to its foreign exchange sales and trading teams since September. The strategic move aims to capitalize on increasing regional FX flows and further develop relationships with corporate, institutional, and public-sector clients, as indicated in a recent announcement.

    Boosting Corporate FX Presence

    Citi is solidifying its corporate foreign exchange sales capacities with the appointment of Manoj Goel as Head of Corporate FX Sales for the Indian subcontinent. Goel, who brings a wealth of 23 years of experience and a proven track record of spearheading notable cross-border FX transactions in India, will be reporting to Vandana Bhatter and Aditya Bagree. Prior to this, Goel headed Global Markets Corporate Sales at a major global bank. He is an Electronics Engineering graduate from BITS Pilani and holds an MBA from IIM Calcutta, where he was a silver medalist.

    Enhancing Capabilities in Singapore

    Citi has welcomed back Cassalynne Lou to its Singapore Corporate FX Sales team, where she will be reporting to Galvin Phua. Lou, who has over seven years of experience in FX sales across New York, Singapore, and at a major bank, will be focusing on broadening the Citi Commercial Bank North Asia–Singapore FX corridor and enhancing advisory services for corporate clients.

    Powering Up Institutional FX Team

    On the institutional front, Citi has recruited Yusuke Aita as a Director based in Tokyo. Aita, who will be reporting to Anand Goyal, brings 17 years of diverse FX trading and sales experience from several leading banks. He has previously catered to hedge funds and institutional clients.

    Strengthening Hong Kong’s Institutional FX Coverage

    Citi has bolstered its institutional FX coverage in Hong Kong by appointing Renee Gao as Director. Gao, who will report to Chen Ni, has specialized in emerging-markets fixed income and FX products in her previous role at a major global bank. She started her journey at Goldman Sachs in Hong Kong and Sydney, focusing on FX solutions for institutional clients.

    Expanding Regional Bank and Real-Money Coverage in Singapore

    Matthew Lim has joined Citi’s institutional FX sales team in Singapore as Vice President and will report to Timothy Young. With prior experience at UBS and Credit Agricole, Lim has covered banks, private banks, and central banks. He is a Bachelor of Science in Finance degree holder with a minor in Economics from Pennsylvania State University.

    Augmenting FX Trading Bench with Senior Options Talent

    Citi has appointed Nicky Lam as Director in its G10 FX Options trading team in Singapore. Lam, who will report to Akshay Saxena, brings with him two decades of experience across Singapore, London, and Hong Kong. He has previously led G10 options for APAC at both Nomura and Goldman Sachs and has also served at the Royal Bank of Scotland.

    Enhancing SGD and EM Trading Capabilities

    Jonathan Chua has joined Citi’s FX Trading desk in Singapore as an SGD and short-term interest rate trader. He will report to Dany Checrallah. Chua brings over a decade of experience in SGD and emerging-market currencies. He began his career at Citi in G10 spot trading and holds degrees from the University of Exeter and INSEAD.

    Growth Corresponds with Strong Market Performance

    The recruitment momentum aligns with the robust performance in Citi’s markets business. In the third quarter of 2025, markets revenues hit $5.6 billion, marking a 15 percent increase. Fixed income revenues also saw a 12 percent rise to $4.0 billion, aided by a 15 percent surge in rates and currencies and an eight percent increase in spread products and other fixed income. Heightened client activity in rates and stronger mortgage trading contributed to these gains.

    Reaffirming Commitment to Regional FX Growth

    Nathan Swami, Head of FX Trading in Japan, North Asia, Australia, and South Asia, commented, “These appointments underscore our unwavering commitment to strengthening and maintaining our leadership position in these markets. They also reaffirm our deep dedication to our valued corporate and institutional clients, as well as our continued investment in the growth of our business.”

    Questions & Answers

    Question: What is Citi’s strategy for enhancing its foreign exchange business?
    Answer: Citi is appointing experienced professionals to its FX sales and trading teams to capitalize on increasing regional FX flows and further develop relationships with corporate, institutional, and public-sector clients.

    Question: What roles have been filled as part of this strategy?
    Answer: Citi has filled positions such as Head of Corporate FX Sales for the India sub-continent, Director positions in Tokyo and Hong Kong, Vice President in Singapore, and other senior roles.

    Question: What has been the recent performance of Citi’s markets business?
    Answer: In the third quarter of 2025, Citi’s markets revenues reached $5.6 billion, a 15 percent increase. Fixed income revenues also rose by 12 percent to $4.0 billion.

  • Citi Singapore Sees Wealth Transactions Skyrocket After Innovative Digital Transformation

    Citi Singapore Sees Wealth Transactions Skyrocket After Innovative Digital Transformation

    Citibank Singapore has seen a remarkable uptick in digital wealth management transactions, surging by an impressive 165% over the past two years. This surge is largely attributed to the bank’s significant overhaul of its mobile app and website, which now boasts over a hundred new features designed to enhance users’ wealth management experiences. According to Gourab Kundu, head of digital growth for Asia South at Citi Wealth, the initiative was motivated by a clear goal: to ensure that Citi’s digital ecosystem communicates effectively in the language of wealth.

    Revamping the Digital Landscape

    “We recognized the need to completely revamp the way we engage with our clients through our digital platforms,” Kundu shared during a recent Zoom call. This insightful overhaul seems to be paying off; four out of five clients now use Citi’s mobile app on a regular basis, indicating a widespread embrace of the bank’s digital offerings.

    Streamlined Investment Processes

    Among the standout changes to Citi’s digital interface is the introduction of an auto top-up feature, specifically for brokerage clients who wish to invest in US dollars. This innovative feature allows real-time currency conversion, effectively eliminating a previous hurdle where clients had to convert Singapore dollars into US dollars before initiating transactions. “Seventy percent of our brokerage transactions occur in the US markets, according to our Singapore data,” Kundu noted, highlighting a pivotal shift in user experience. Now, over 90% of brokerage transactions are executed digitally, signaling a clear move towards more efficient trading.

    Engaging with Wealth Management

    Citi’s efforts also extended to the mutual fund sector, where the bank doubled transaction volumes by simplifying the investment process and introducing a visualizer that allows clients to easily track the performance of their portfolios. Kundu described wealth management at Citi as entering a hybrid era, where clients enjoy the convenience of digital platforms while still having the option to consult with relationship managers.

    Digital Meets Human Touch

    To stay ahead in an increasingly competitive market, Citi has embraced a dual approach that blends digital access with human interaction. Clients can now swiftly authorize transactions without needing to speak face-to-face with an advisor. “Our platform sends alerts to clients about products, allowing them to review and authorize transactions seamlessly within the app,” Kundu explained.

    Furthermore, a secure WhatsApp channel has been established for relationship managers to communicate with clients, emphasizing Citi’s commitment to maintaining personal connections, even in a digital-first environment.

    Looking Ahead: Real-Time Payment Solutions

    As the bank sets its sights on the future, real-time payment processing looms large on CIS’s agenda. “One of Citi’s biggest advantages is our global reach,” Kundu emphasized, noting that the availability of payment corridors in real time is particularly beneficial. Recently, the company successfully launched real-time payments in India, the UK, and Thailand, unveiling new opportunities for cross-border transactions. “We’re excited to see solid improvements in the uptake of this cross-border payment facility,” he concluded, hinting at a bright future for Citi’s digital wealth management services.

    Questions & Answers

    What recent changes has Citibank Singapore made to its digital platforms?
    Citibank Singapore revamped its mobile app and website, launching over a hundred new features, which contributed to a 165% increase in digital wealth management transactions over the past two years.

    How has Citi improved the brokerage client experience?
    Citi introduced an auto top-up feature that enables real-time currency conversion for US dollar investments, simplifying the transaction process and allowing over 90% of brokerage transactions to be completed digitally.

    What is on the horizon for Citi’s wealth management services?
    Citi is focusing on implementing real-time payment processing, leveraging its global presence to facilitate efficient cross-border transactions, with successful launches in countries like India, the UK, and Thailand.

  • Citi wins award for bank of the year in Asia Pacific

    Citi wins award for bank of the year in Asia Pacific

    Citibank has been honored as “Bank of the Year” in the Asia Pacific at the 2022 International Financing Review Asia Awards.

    The award was based on a unanimous decision by the editors of IFR Asia, a leading regional capital markets magazine.

    The recognition from IFR Asia reaffirms the expertise and solution-driven approach of Citi’s capital markets and advisory teams in developing and executing complex transactions for clients in an ever-changing and challenging macro-environment.

    “Citi’s pan- Asian footprint and diverse sector coverage made it a bastion of stability, while its commercial bank enabled it to give issuers more options in rapidly changing market conditions,” IFR Asia concluded in an editorial write up accompanying the award win.

    “This win is a recognition of the strength of Citi’s franchise, the competitive advantage of our global network and the passion and energy of our teams,” Jan Metzger, head of Asia Pacific banking, capital markets and advisory at Citi, said.

    In Vietnam, the bank recently won the 2023 Golden Dragon Award for its role as an outstanding foreign enterprise promoting green investment, digital transformation and sustainable development.

    Ramachandran A.S., Vietnam Citi Country Officer, said: “We have been financing and facilitating a wide array of climate solutions, from renewable energy and clean technology to carbon credits, to help accelerate the country’s transition to a low-carbon economy.

    “Our strategy in Vietnam is to continue doing what we do best: corporate and institutional banking for large companies and financial institutions with cross – border needs, and simultaneously supporting Vietnam’s ambitions to build a more sustainable future.”

  • Citigroup on the Migratory Patterns of the Rich

    Citigroup on the Migratory Patterns of the Rich

    Switzerland has always been a magnet for the super-wealthy. In the last two years, more families and their wealth have moved to the country. Citigroup’s General Market Manager for Switzerland said who has been coming over and why.

    Having worked in several locations in Citigroup’s private banking over the past twenty years, Laurence Mandrile has kept a close eye on the migratory patterns of the world’s rich.

    After having lived here previously, her return to the country was well-timed. Mandrile started her role overseeing Citigroup’s Swiss private bank in the summer of 2019, a few months before the pandemic set many of the wealthy and their assets in motion.

    Since joining the Geneva office, she has observed an increasing demand for ultra-high net worth families to be serviced from Switzerland for safety reasons, especially post-corona, with its education, health care, and countryside also playing into the nation’s hands.

    This new money flows into Citigroup’s Swiss onshore business dedicated to Swiss nationals and residents with a minimum net worth of 25 million francs and family offices from its Geneva and Zurich branches.

    Family offices play an important role in Citigroup’s worldwide private banking operations. The bank regularly brings the members of its 1,500-strong family office network together to exchange expertise on topics, such as how to engage with the next generations ahead of the great wealth transfer.

    Along with centers in London, Jersey, and Luxembourg, the Swiss booking center falls under Citigroup’s EMEA umbrella, accounting for 20 percent of assets booked in the region.

    Although Brexit coming into force at the start of 2020 made it harder for UK citizens to get a Swiss passport, it didn’t stop some of the bank’s super-wealthy clients from heading to the alpine country. This year’s political instability and high inflation on the island have only added to the trend.

    The US bank’s Swiss booking center also serves clients in the Middle East, a region Mandrile sees as a big opportunity, given the current price of oil and the energy crisis, all boosting its economic growth.

    Clients are attracted to the US bank, not only because its wallet share in the region is growing, but because its Swiss booking center «remains the destination of choice for the Middle East, Mandrile said.

    The Swiss booking center is also a draw for Chinese clients, who make up a large part of the wealth coming from Asia over the past two years. Among them are some who have close ties to the United Arab Emirates. These clients might choose to relocate to Dubai or Abu Dhabi, while their wealth is managed from Geneva, she said.

    Overall, Switzerland stands out as being particularly business-friendly, which is also partly why US families have continued to come over the past few years, she added.

    After COVID, many individuals who had installed themselves or their family offices in Switzerland were ready to invest, but then the war came, keeping clients on the sidelines.

    It is only in the past few months that we’ve seen clients come back to trading, Mandrile said.

    Reflecting the uncertain and evolving dynamics of the last 12 months, the bank had to shift the way we invest several times, she added while advising clients to remain invested for the core of their wealth and increase the quality of their investments.

    During this time, for European investors, the best hedge has been in US dollar, which has shown a 10 percent positive performance just by holding the currency, while safe-haven instruments, like investment grade income, have not worked, she said.

    Citigroup is now focused on reviewing clients’ asset allocation while taking a close look at yields, which are making a comeback in fixed income. Moreover, Mandrile has observed certain clients moving to commodities, particularly energy, and illiquid markets.

    A recent Citigroup study on the segment showed family offices hold over 35 percent of their invested assets in illiquid markets, via direct investments, real estate, and private equity funds. Within alternative investments, Citigroup has the advantage of being able to offer its clients direct private equity investments in US and global deals.

    However, one area the Swiss competition does not need to worry about is the retail sector. The US bank, which prefers «to lead where it can have a competitive edge,» doesn’t have a retail presence in the country, she said.

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  • Citi Shutting Consumer and Commercial Units in Russia

    Citi Shutting Consumer and Commercial Units in Russia

    After failing to find buyers, Citi has decided to close its consumer and commercial banking businesses in Russia.

    Citi will shut down its Russian consumer and commercial banking businesses starting this quarter, it said in a statement Thursday. The closure will result in about $170 million in charges over the next 18 months and affect 2,300 out of 3,000 employees across 15 branches in the country. Deposit accounts, investments, loans and cards will also be affected.

    The decision follows failed attempts to find a buyer for either business amid an ongoing Russia-Ukraine conflict.

    We have explored multiple strategic options to sell these businesses over the past several months, said Titi Cole, Citi’s chief executive of legacy franchises. It’s clear that the wind-down path makes the most sense given the many complicating factors in the environment.

    The bank’s Russian exposure totaled $8.4 billion as of the end of the second quarter, down from $9.8 billion compared to end-2021, with around $1 billion linked to the consumer and commercial banking businesses, it said.

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  • Prospective Suitors Ready for Citi’s Asia Retail Sale Deadline

    Prospective Suitors Ready for Citi’s Asia Retail Sale Deadline

    Binding bids for Citigroup’s retail assets across Asia are due within the coming week with interest drawn from both fellow global banks and local players.

    Binding bids for Indonesia, the Philippines, Taiwan, and Thailand are due on Friday, according to a «Bloomberg» report citing unnamed sources, with offers for India due next week. Deliberations are ongoing and potential buyers could decide not to proceed with their offers.

    This is part of Citi’s ongoing plans to unload its retail assets in 13 markets across Asia and Europe, the Middle East, and Africa with its Australian unit sold to NAB in August.

    A sale of Citi’s Taiwan retail assets could raise about $2 billion to $4 billion, according to the report, depending on which assets are included.

    In April, Taiwan’s government said it would monitor and prevent Citi from transferring high net worth clients to its units in Hong Kong and Singapore.

    Banks planning to make bids include DBS, Standard Chartered, Cathay Financial Holding Co, and Fubon Financial Holding Co., the report added.

    Citi’s Thailand assets is valued at over $2 billion with Bangkok Bank planning to make an offer.

    Mitsubishi UFJ-owned Bank of Ayudhya is also weighing a bid.

    The Indonesia unit is valued at as much as $1 billion with DBS planning to make an offer.

    UOB and Malayan Banking are also making considerations on bidding.

    The Philippines unit is also valued at as much as $1 billion with BDO Unibank, Metropolitan Bank & Trust Co, Bank of the Philippine Islands and Union Bank of the Philippines all making considerations on extending an offer.

    Valued at about $2 billion, Citi’s India consumer assets are expected to attract a bid from Kotak Mahindra Bank.

    HDFC Bank and ICICI Bank are also weighing bids.

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  • Citi Nets Ex-Goldman Southeast Asia Investment Banker

    Citi Nets Ex-Goldman Southeast Asia Investment Banker

    Citigroup has reportedly hired the former Southeast Asia head of investment banking from Goldman Sachs.

    Harry Naysmith will join Citi as its vice chairman of banking, capital markets and advisory for Southeast Asia.

    Naismith joined Goldman Sachs in 2013, last as its Southeast Asia head of investment banking. Previously, he also spent five years with ABN AMRO.

    Naysmith is the second Goldman head of Southeast Asia investment banking to join Citi in recent years.

    12-year Goldman executive and former Southeast Asia investment banking co-head Udhay Furtado left in September 2018 to join Citi as its co-head of equity capital markets.

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  • Citi Registers Stellar Growth in Asia

    Citi Registers Stellar Growth in Asia

    Citigroup CEO Jane Fraser’s first-quarter debut featured strong earnings worldwide and in Asia where the American lender is eyeing growth opportunities, particularly from private wealth in the region.

    Citi’s consumer banking unit in Asia saw $5.2 billion in net new money in the first quarter of 2021 – a 13 percent year-on-year increase – according to a memo seen.

    Investment sales, investment revenue and invested assets all saw decent growth at 48 percent, 22 percent and 29 percent, respectively.

    Citi’s private banking arm delivered its best quarter ever with a 2 percent increase, driven in part by growth in managed investments.

    Citi also posted strong growth from its investment banking business in Asia which saw an 84 percent increase in revenues from continued momentum in equity capital markets.

    Looking ahead, we have excellent momentum, a crisp strategy and tremendous opportunity across our region, said Citi’s APAC chief executive Peter Babej in the memo. The coming months and years will be defining for Citi.

    Overall, the bank posted $4.1 billion of revenue and $1.3 billion of net income in the region which contributed to 21 percent of global revenues, according to its latest published results.

  • Global Banks Vie for Citi’s Asia Consumer Business

    Global Banks Vie for Citi’s Asia Consumer Business

    Two of Singapore’s «big three» lenders are said to be interested in acquiring parts of Citi’s consumer business, which is downsizing worldwide.

    DBS Group, OCBC, Mitsubishi UFJ Financial Group (MUFG) and Standard Chartered intend to bid parts of the bank’s consumer banking portfolios and brances in Asia, citing sources with direct knowledge of the matter.

    The sale process will start within a couple of weeks, the sources said. The businesses Citi is exiting had $82 billion in total assets and were allocated $7 billion in tangible common equity last year, Citi said.

    Last week, Citi announced its intention to exit its consumer banking business in 13 markets, 10 of which are in Asia: Australia, China, India, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand, and Vietnam.

    The bank said it intends to «double down on wealth» as it focuses its consumer banking franchise in Asia and EMEA solely through its four wealth centers: Singapore, Hong Kong, UAE, and London.

    DBS, which operates a fully owned subsidiary in India, is said to be interested in Citi’s business there, which includes retail deposits, mortgages and credit cards. Standard Chartered and local lenders Kotak Mahindra Bank and Axis Bank are also said to be interested, which SBI Cards and Payment Services is eyeing Citi’s credit card portfolio there.

    DBS has always been open to exploring sensible bolt-on opportunities in markets where we have a consumer banking franchise (China, India, Indonesia and Taiwan), a bank spokesperson said.

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  • Citigroup to exit consumer banking in Vietnam

    Citigroup to exit consumer banking in Vietnam

    America’s Citigroup will exit 13 international consumer banking markets, including Vietnam, to shift its focus to four wealth centers.

    The move is part of the bank’s strategic decision to direct investments and resources to businesses with the greatest scale and growth potential, it stated, adding its main markets will include Singapore, Hong Kong, the United Arab Emirates and London.

    Apart from Vietnam, 12 other markets to be affected are Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan and Thailand.

    “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete. We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.”

    The bank has not specified when it would leave Vietnam.

    Citigroup in 1994 became the first U.S. financial institution licensed to open a branch in Hanoi. It opened its second branch in Ho Chi Minh City in 1998.

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  • Citi Appoints Senior China Corporate Banker

    Citi Appoints Senior China Corporate Banker

    Citi appoints a senior corporate banker for China, amid growing expansion in the mainland market.

    Luke Lu has been named head of corporates coverage for China, reporting to Citibank China CEO Christine Lam and APAC head of corporate banking Kaleem Rizvi.

    A spokesperson for the bank confirmed the new appointment.

    Lu has 20 years of banking experience and was most recently head of Citi Commercial Bank in China after rejoining the American lender in 2019. Previously, he was with MUFG Bank China where he was the head of its global corporate bank for two years.

    Lu’s appointment occurs in the midst of increasing growth at Citi’s corporate banking unit in China.

    According to the note, Citi is serving an increasing number of companies in the mainland market and last year alone, it raised over $30 billion for Chinese clients in global capital markets across debt and equity.

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  • Citi Appoints APAC Tech Vice Chair

    Citi Appoints APAC Tech Vice Chair

    Will McLane was named Asia Pacific vice chairman of technology at Citi, according to an internal memo, in addition to his existing role as vice chairman of the global financial institution’s group (FIG).

    We have asked McLane to assist the APAC technology team in covering clients for unique stations to help scale BCMA’s (banking, capital market advisory) innovative pitching efforts globally, the memo said, adding that he would continue to support FIG clients in Asia.

    According to the bank, McLane alongside other seniors in Asia, has applied innovative techniques for pitching such as videos, multimedia, props, and more in the last 18 months.

    This role is a natural extension for [McLane], as he has been instrumental in providing critical thought leadership and creativity in pitching, resulting in several landmark transactions, the memo continued.

    Scaling these innovative approaches and aligning them with our global relationships will help differentiate Citi, particularly in the current COVID-challenged operating environment.

  • Citi Singapore to Shut Iconic Branch

    Citi Singapore to Shut Iconic Branch

    As part of its network reconfiguration, Citi is shuttering its iconic branch at McDonald House on 28 February.

    For its replacement, the U.S. bank said it will soon launch a whole new and exciting retail banking branch experience after its MacDonald House lease expires at the end of this month. Details on the new branch were not revealed.

    Citi consistently reviews its branch network strategy. Clients today increasingly bank on mobile, with almost 100 percent of financial transactions being able to be served through digital platforms. Our retail footprint and the way we serve customers will continue to evolve,» said a Citibank Singapore spokesperson.

    MacDonald House, situated across the road from Dhoby Ghaut MRT station, was initially built for a bank. It became gazetted as a national monument in 2003 and has a place in Singapore’s history as the site of a bombing attack in 1965 during the Indonesia-Malaysia confrontation, or the Konfrontasi.

    Citi commenced business at the MacDonald House in 2005, taking up 37,000 sq ft of space over four floors. The 14 staff currently at the MacDonald House branch will be redeployed to the bank’s remaining 13 branches in Singapore, the Citi spokesperson added.

    The bank’s latest branch network rejig comes as part of the review led by Citibank Singapore’s new chief executive Brendan Carney, who moved to Singapore from South Korea in May last year.

    The lender’s move also comes amidst a change in the banking landscape, as 21 consortiums vie for the five digital bank licenses offered by the city-state.

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  • Citibank’s Singapore Head of Retail Exits

    Citibank’s Singapore Head of Retail Exits

    Citi’s head of retail banking in the city-state leaves after more than two decades with the American lender.

    Charles Wong exits the bank after nearly five years in his last role as Singapore head of retail banking. A spokesperson for the bank confirmed his exit.

    In 2015, Wong was appointed to his current role to oversee the retail banking business alongside wealth management, bancassurance, sales and network distribution.

    With over 20 years of experience at Citi, Wong has held a range of roles in retail banking, bancassurance, credit payment products and marketing across Asia Pacific. He was seconded to Citibank’s China business from 2006 to 2008 where he was the head of branch expansion and ATM distribution as well as director for CitiBusiness and customer experience. He was also previously involved in the launch of the Citi Priority segment across APAC which targets emerging affluent customers.

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