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  • Citigroup Bolsters Global Insurance and Specialty Finance Teams with High-Profile Appointments

    Citigroup Bolsters Global Insurance and Specialty Finance Teams with High-Profile Appointments

    Citigroup has announced the appointment of two seasoned bankers to senior roles within its Financial Institutions Investment Banking division. This move forms part of the bank’s strategic initiative to bolster its global insurance and specialty finance advisory services.

    Jonathan Alpert has been designated as the new Global Head of Insurance, effective from September. Alpert boasts an impressive career spanning over 28 years in both the insurance industry and investment banking. His most recent role was as Co-Head of Global Insurance at Bank of America. Alpert will leverage his rich experience and extensive network within the global insurance sector to drive Citi’s growth in this arena.

    Operating from New York, Alpert will team up with Brian Malbacho, Citi’s North America Head of Insurance. Together, they will focus on expanding the bank’s global insurance franchise. Citi expressed confidence in Alpert’s capabilities, noting his record of advising on significant international insurance transactions and his enduring relationships with eminent global insurance groups.

    In a simultaneous appointment, Ryan Willingham will assume the role of Managing Director covering Specialty Finance, come August. He, too, is transitioning from Bank of America where he previously headed the specialty finance sector within the bank’s Financial Institutions group.

    Willingham’s nearly 20-year career has been dedicated to advising a variety of specialty finance firms, including mortgage originators and servicers, mortgage REITs, and government-sponsored enterprises.

    These strategic appointments come at a time when deal activity within the insurance sector is on the rise, particularly in the Asia-Pacific region. Insurers in the area are actively pursuing capital-raising and merger-and-acquisition opportunities. As Global Head of Insurance, Alpert will be instrumental in supporting Citi’s growth ambitions with leading insurers in this dynamic region.

    Questions & Answers

    Who has Citigroup appointed to its Financial Institutions Investment Banking division?
    Citigroup has announced the appointment of Jonathan Alpert as Global Head of Insurance and Ryan Willingham as Managing Director covering Specialty Finance.

    What experience does Jonathan Alpert bring to his new role at Citigroup?
    Jonathan Alpert brings over 28 years of experience in the insurance industry and investment banking. His most recent role was Co-Head of Global Insurance at Bank of America.

    What is the significance of these appointments for Citigroup?
    These appointments come at a time of increased deal activity in the insurance sector, particularly in the Asia-Pacific region. Alpert, as Global Head of Insurance, will play a pivotal role in supporting Citigroup’s growth with leading insurers in this region.

  • Citi Unveils Enhanced Tokenisation and Real-Time Solutions for Corporate Treasuries

    Citi Unveils Enhanced Tokenisation and Real-Time Solutions for Corporate Treasuries

    Citigroup, Inc. is ratcheting up its foray into tokenization and automation, responding to the growing demand from corporate treasuries for real-time access to liquidity and global cash visibility. The bank’s latest suite of digital services is designed specifically to dismantle operational challenges linked to traditional banking cut-off times, public holidays, and regional time zones.

    “The absence of real-time visibility into cash positions across multiple accounts often leads to myriad challenges, such as ineffective cash forecasting and inefficient allocation,” explained Stephen Randall, global head of liquidity management services at Citi, in a recent interview with Asian Banking & Finance. “These issues can increase operational costs, elevate risk levels, and hamper strategic decision-making.”

    According to Citi’s November 2023 research, top-tier treasury operations are characterized by advanced forecasting capabilities and a centralized liquidity pool. This growing expectation from clients has compelled banks to innovate continuously to keep pace. “There is a pressing demand for enhanced speed and greater volumes in cash flows,” Randall added, mentioning clients’ desire for improved visibility and easier reconciliation processes.

    In response, Citi has launched several groundbreaking initiatives, including Citi Token Services (CTS), Real-Time Funding (RTF), and 7-Day Sweeps, all geared towards optimizing cash positioning while reducing operational friction. CTS enables clients to transfer cash instantaneously across borders, free from the typical constraints of holidays or banking hours. “Asia is a focal point for CTS; two of the four markets currently operational are Singapore and Hong Kong,” said Randall.

    Meanwhile, Real-Time Funding stands out as a game changer, allowing clients to transfer funds globally among their Citi accounts in real time. “Imagine a client needing to make an urgent payment from their Citi Hong Kong account today, but their money is stuck in a Citi London account,” Randall said. “With RTF, that funds transfer becomes instantaneous, enabling timely payments without cumbersome manual processes.” Presently, RTF is available in Australia, Hong Kong, and the UK, with plans for expansion into Singapore, Thailand, China, and Taiwan on the horizon.

    Additionally, Citi’s 7-Day Sweeps service automates liquidity management round-the-clock and is now operational in the US, South Korea, and Thailand. Randall pointed out that these sweeps are processed even on holidays, significantly reducing reconciliation challenges and providing a robust liquidity buffer over weekends and public holidays.

    The dynamic landscape of treasury management is shifting, with treasurers moving away from static liquidity structures—often evaluated annually—to more adaptable frameworks that can respond swiftly to cash flow volatility. “Treasurers are looking for liquidity structures that can handle abrupt cash flow changes, especially in light of the market uncertainties imposed by geopolitical shifts and tariff-related disruptions,” said Randall.

    Moreover, as clients confront risks associated with fluctuating interest rates and foreign exchange, they increasingly seek digital solutions and advisory support from Citi. Automation and digitalization offer crucial advantages, providing timely access to vital data on global cash positions—information that is instrumental for informed decision-making.

    Citi Treasury Diagnostics, the bank’s global benchmarking tool, serves to highlight how clients’ treasury operations measure up against best practices. The bank provides advanced programming interfaces such as Balance Inquiry and Payment Status, along with integration support, to enable clients to enhance their treasury systems.

    Randall emphasized that tools like Citi Treasury Diagnostics can assist clients in benchmarking their practices, revealing opportunities for further improvements through automation. He encouraged clients to leverage technology-driven services to minimize dependency on manual processes while refining and automating their operations.

    Questions & Answers

    How is Citigroup addressing the needs of corporate treasuries?
    Citigroup is introducing innovative solutions like Citi Token Services, Real-Time Funding, and 7-Day Sweeps to enhance cash visibility and streamline operations for corporate treasuries.

    What are the benefits of Real-Time Funding?
    Real-Time Funding enables clients to make global fund transfers instantaneously, allowing immediate access to cash for urgent payments without manual intervention.

    How is Citi’s 7-Day Sweeps service beneficial for liquidity management?
    The 7-Day Sweeps service automates liquidity management around the clock, processes transactions on holidays, and helps maintain a healthy liquidity buffer, reducing reconciliation difficulties.

  • Citi Markets Plans 10% Expansion in Asia Rates and Prime Business Team for Dynamic Growth

    Citi Markets Plans 10% Expansion in Asia Rates and Prime Business Team for Dynamic Growth

    Citigroup is gearing up for growth in Asia’s financial markets as its traders celebrate their best second quarter in five years. With a surge in initial public offerings (IPOs) invigorating client activity, Citi Markets intends to expand its workforce in Asia’s rates and prime business sectors by 5% to 10% by 2026.

    Hedge Funds Drive Demand in Hong Kong

    According to Citi Communications, the bank’s prime hedge fund clients in the region have doubled over the past two years. This boom is largely influenced by a resurgence in IPO activity, which has reignited interest in market possibilities, particularly in Hong Kong. Client flows into both Hong Kong and mainland China have surged approximately 30% in the first half of 2025, illustrating a significant shift in investment dynamics.

    Record Growth in Equities and Fixed Income

    The bank’s traders recorded impressive earnings, showcasing a record quarter for equity markets. Fixed income markets alone saw revenues surge by 20% year-on-year to $4.3 billion, attributed to strong performance across rates and currencies, in addition to gains in spread products and other fixed income segments.

    A closer look reveals that rates and currencies revenues jumped by 27% year-on-year in the second quarter, while revenues from spread products and other fixed income rose by 3%, thanks to heightened financing activity and increased loan growth. Meanwhile, equity markets revenues climbed by 6% year-on-year to $1.6 billion, significantly bolstered by prime services where prime balances soared by around 27% during this period.

    A Positive Outlook for the Future

    As the financial landscape in Asia continues to evolve, Citigroup’s strategic plans reflect optimism amid changing market conditions. With a ready workforce and an agile approach, the bank looks poised to capitalize on ongoing growth trends, further entrenching its position in the competitive retail landscape.

    Questions & Answers

    What are Citigroup’s plans for growth in Asia’s financial markets?
    Citigroup plans to increase its headcount in the Asia-based rates and prime businesses by 5% to 10% by 2026 in response to rising client demand from prime hedge funds.

    How has IPO activity affected Citigroup’s performance?
    The resurgence in IPO activity has contributed to a doubling of the bank’s prime hedge fund clients over the past two years and a 30% increase in client flows into Hong Kong and China in H1 2025.

    What financial metrics illustrate Citigroup’s recent growth?
    In Q2, Citigroup reported a 20% year-on-year increase in fixed income revenues, reaching $4.3 billion, with notable growth in both rates and currencies as well as equity markets, which rose by 6% year-on-year.

  • 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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  • Citigroup Preparing for a Dealmaking Upswing

    Citigroup Preparing for a Dealmaking Upswing

    The second half of next year could see an increase in M&A and leveraged finance deals as market makers move closer together in their earnings expectations, and pent-up deals come to fruition.

    Macro-economic uncertainty, triggered by the Ukraine war, inflation, and supply chain disruptions, have left many European and US deals up in the air, Citigroup’s head of mergers & acquisitions for German-speaking countries in Europe, Holger Knittel, said at a media roundtable Wednesday.

    Although the slowdown in deal flow is expected to continue over the next few quarters, it could pick up next year if the situation stabilizes. Citigroup’s co-head of equity capital markets for EMEA, Valery Barrier, said that.

    Initial public offerings (IPOs), which dropped by 70 percent in EMEA so far this year compared to last year, could even surge in the second half of 2023 with pent-up deals potentially materializing, he said.

    At the same time, the trend for companies to delay or hold off from going public is likely to remain as the investor base for minority private placements of equity investments has become more structured with more defined processes, Barrier said.

    Compared to 2021, which was one the best for equity markets, companies’ earnings expectations for next year have already come down, because investors are grappling with not knowing how inflation, the macro-outlook as well as energy prices will affect companies’ business models, Knittel said, adding that there is still scope for further earnings estimate downgrades.

    In this uncertain climate there is a gap between what the sell-side says companies are worth and what the buy-side is willing to pay, halting dealmakers in their tracks. Exacerbating the situation within leveraged finance is the limited number of buyers able to finance such deals, resulting in the absence of a fully functioning leveraged finance market.

    The sheer velocity at which this year’s investment environment has changed, is partly responsible for this deficiency within leveraged finance, according to Barrier. Some companies have seen their stock prices plummet 50 percent since the beginning of the year, he said while drawing attention to the rate at which central banks are pushing ahead with interest rate increases.

    Citigroup seems to be preparing for when markets have more clarity by bolstering its investment banking leadership with recent new hires Patrick Frowein from Deutsche Bank and Jens Welter from Credit Suisse.

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  • Union Bank Chosen as Citi’s Preferred Philippines Bidder

    Union Bank Chosen as Citi’s Preferred Philippines Bidder

    Citigroup has reportedly selected the Union Bank of Philippines as its preferred bidder for its consumer banking assets in the country.

    Citi has chosen Union Bank as its preferred bidder for a potential sale valued at an estimated $1 billion, according to a report citing unnamed sources.

    Talks are still ongoing and no conclusive decisions have been made with other bidders still interested.

    Other reportedly interested bidders for the Philippines consumer banking assets include BDO Unibank, Metropolitan Bank & Trust Co. and Bank of the Philippines Island.

    The sale is part of Citi’s broader plan to exit from 13 markets where it lacks scale and focus its wealth efforts around hubs in Hong Kong, London, Singapore and the United Arab Emirates.

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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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  • Q1 Profits Plummet for Citigroup

    Q1 Profits Plummet for Citigroup

    First-quarter profits plummeted 46 percent at Citigroup due in part to its high exposure to unsecured lending via credit cards.

    Citi posted $2.52 billion in first-quarter profits and set aside $4.9 billion in anticipation of increasing defaults fuelled by the ongoing coronavirus pandemic. The U.S. business reported a first-quarter loss of $837 million with the card business representing half of the reserves set aside for expected loan losses.

    Citi’s chief financial officer Mark Mason did not provide specific details on expected profitability pressures but nonetheless said it was «reasonable to expect» further loss provisioning spending on the effectiveness of U.S. government relief programs.

    Credit card defaults are historically correlated with unemployment and the ongoing health crisis has placed added pressure on lenders more dependent on such unsecured loans. In 2019, the U.S. credit card business accounted for 15 percent of total net income.

    Globally, the consumer banking business was flat as gains from the U.S. arm were offset by a 4 percent decline in Asia to $1.8 billion due to lower revenues in its cards business – this could see a boost from its recent partnership with major e-platform HKTVmall.

    Citi’s overall earnings were offset in part by trading fees as equities and fixed income trading business posted a 39 percent spike as activity rose with increased turbulence.

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  • Q1 Profits Plummet for Citigroup

    Q1 Profits Plummet for Citigroup

    First-quarter profits plummeted 46 percent at Citigroup due in part to its high exposure to unsecured lending via credit cards. Citi posted $2.52 billion in first-quarter profits and set aside $4.9 billion in anticipation of increasing defaults fuelled by the ongoing coronavirus pandemic. The U.S. business reported a first-quarter loss of $837 million with the card business representing half of the reserves set aside for expected loan losses.

    Citi’s chief financial officer Mark Mason did not provide specific details on expected profitability pressures but nonetheless said it was «reasonable to expect» further loss provisioning spending on the effectiveness of U.S. government relief programs.

    Credit card defaults are historically correlated with unemployment and the ongoing health crisis has placed added pressure on lenders more dependent on such unsecured loans. In 2019, the U.S. credit card business accounted for 15 percent of total net income.

    Globally, the consumer banking business was flat as gains from the U.S. arm were offset by a 4 percent decline in Asia to $1.8 billion due to lower revenues in its cards business – this could see a boost from its recent partnership with major e-platform HKTVmall.

    Citi’s overall earnings were offset in part by trading fees as equities and fixed income trading business posted a 39 percent spike as activity rose with increased turbulence.

  • Citigroup President Getting a $12.5 million bonus

    Citigroup President Getting a $12.5 million bonus

    Jane Fraser is landing a $12.5 million bonus as the bank looks to retain a likely successor to Chief Executive Officer Michael Corbat.

    The board’s compensation committee granted the award «in recognition of Fraser’s recent promotion to president and to enhance leadership continuity and management succession planning,» according to the firm’s regulatory filing on Wednesday. Half of the award is in cash and half is in stock, and both will vest in annual installments over four years.

    Fraser, who was promoted to the number 2 job at Citigroup last month, puts her in position to become the first woman to lead a major U.S. bank as the industry is under pressure to improve diversity. In April, a congressional hearing questioned the heads of the largest U.S. banks on why their companies never put a woman in charge.

    Several banking chiefs, including Corbat, responded that they could envision one succeeding them. In Asia, Theresa Foo became the first Asian female chief executive at Standard Chartered, according to the website Singapore Women’s Hall of Fame. In 1997, she was the first woman in the Bank of America’s Singapore operations to be made a vice president.

     

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  • Former Citigroup MD James Perry joins Zilingo as the Company’s First CFO

    Former Citigroup MD James Perry joins Zilingo as the Company’s First CFO

    Leading fashion technology platform Zilingo announces today the appointment of James Perry as its first Chief Financial Officer (CFO). The former Managing Director and Head of Technology Investment Banking for Asia Pacific at Citigroup has over 20 years of experience in corporate finance, having helped clients raise over US$150 billion, including 40 IPOs in the US and Hong Kong; and advised technology companies on over US$80 billion in M&A transactions across six continents.

    Earlier this year, Zilingo closed a US$226 million Series D funding round and the company has seen a meteoric rise over the last few years on the back of its technology platform that powers the fashion value chain end to end and provides fashion business with unprecedented access to the technology and services needed to scale efficiently.

    As Zilingo continues its growth in markets including the Philippines, Indonesia, Australia and the US, James will be part of the experienced management team that drives the business to scale rapidly and sustainably.

    Ankiti Bose, Chief Executive Officer and co-founder, Zilingo commented:

    “We are thrilled to welcome James into our leadership team as we expand our horizons and take the company global. It’s a very exciting time for us.”

    James Perry, Chief Financial Officer, Zilingo said:

    “I’m excited to join the Zilingo team. I have seen hundreds of technology companies over my years in banking, Zilingo stands out as an innovator bringing technology and transparency to an industry that has changed little since the industrial revolution. Zilingo is led by one of the most energetic and visionary teams I’ve come across and I look forward to being a part of this journey.”

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  • KFC Malaysia parent plans IPO

    KFC Malaysia parent plans IPO

    KFC Malaysia parent QSR Brands (M) Holdings, is arranging an IPO next year expected to raise about US$500 million.

    The company, which has both KFC and Pizza Hut restaurant concessions in Southeast Asia,

    Citigroup, Credit Suisse Group and Malayan Banking will lead the offering. QSR has also chosen CIMB Group Holdings and RHB Bank to work on the share sale, reports the Business Times.

    The Kuala Lumpur-based company is seeking a listing after first-time share sales raised US$270 million this year.

    CVC, Employees Provident Fund and Johor Corp took QSR Brands private in 2013. It manages more than 730 KFC restaurants in Brunei, Cambodia, India, Malaysia and Singapore, as well as more than 450 Pizza Hut outlets in Malaysia and Singapore.

  • 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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  • 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.