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  • Citi appoints Anand Selvakesari as Head of Consumer Banking Asia Pacific

    Citi appoints Anand Selvakesari as Head of Consumer Banking Asia Pacific

    Citi has appointed Anand Selvakesari as head of consumer banking for Asia Pacific. Anand will manage all of Citi’s consumer businesses in Asia across the 12 markets that Citi offers retail banking, wealth management, cards and mortgages in the region.

    Anand will report to Stephen Bird, Citi’s CEO for Global Consumer Banking and also has a matrix reporting line into Francisco Aristeguieta, Citi’s Asia CEO.

    Anand’s appointment is effective July 1 and he is taking over from Jonathan Larsen. Jonathan will focus on his role as global retail banking and mortgage head with the additional responsibilities of US Retail Banking and Mortgage.

    During his 23-year Citi career, Anand has led Citi’s consumer bank in China and India and was most recently Southeast Asia Cluster head for Consumer Banking.

    He was formerly Head of Consumer Banking for ASEAN & India. In this role he took charge of in December 2013, Anand was responsible for the consumer banking businesses in the ASEAN cluster, including Singapore, Malaysia, Indonesia, Philippines, Thailand and Vietnam as well as India.

    A Citi veteran, Anand began his career in India in 1991, and has been the India Consumer head. Prior to his role in India, Anand was Head, Consumer Banking, Citi China from 2008. He served as the Retail Banking Head in Taiwan from 2004 to 2006 and eight years in regional roles in Singapore, where he held various positions in Investments, Wealth Management and Retail Banking from 1996 to 2004.

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  • Citigroup combines retail banking and mortgage operations

    Citigroup combines retail banking and mortgage operations

    Citigroup Inc (C.N) will combine its retail banking and mortgage operations under Jonathan Larsen, according to an internal memo seen by Reuters, in the second senior promotion for a veteran of the bank’s Asian franchise this year.

    The U.S. bank’s Asia Pacific chief Stephen Bird in April became the global head of Citi’s consumer bank, in a move seen by analysts as rewarding the U.S. lender’s strategy in the region.

    Larsen, currently global head of retail banking, previously ran Citi’s Singapore unit and spearheaded the lender’s push in credit cards in Asia. Citi’s Asian franchise now has 12 of the lender’s 24 consumer banking markets globally, and contributes a fifth of global profits.

    “Citi Asia is a sign of where Citigroup as a whole potentially can go,” CLSA analyst Mike Mayo said in a research note prior to the announcements. The lender’s strategy in the region has been to move from targeting the mass market to richer ‘mass affluent’ customers, Mayo wrote.

    The appointments this week of Larsen and Bird, who oversaw that push in Asia to trim low-profit customers and target wealthier clients, signals Citi’s intention to pursue the strategy globally.

    In a separate memo also seen by Reuters on Thursday, Citi named Anand Selvakesari as head of consumer banking for Asia, a position Larsen has been holding since 2009.

    A Citi spokesman confirmed the contents of the memos.

    Fabio Fontainha, the head of consumer banking in Brazil, will assume additional responsibility for consumer banking in Latin America.