US-based banking giant Citibank has appointed it’s a new chairman for its business in Southeast Asia, according to media reports.
Citi Malaysia chief executive officer Lee Lung Nien will take on a bigger role as the chairman of Citi Private bank Southeast Asia.
Lee Lung Nien will operate from Singapore and he will take over his new role from September 1st.
He will report to Steven Lo, Asia Pacific regional head of Citi Private Bank and Amol Gupte, ASEAN head and country officer for Singapore.
With regard to the appointment of Lee Lung Nien, Steven Lo told the media, “Our franchise in South Asia is critical to the success of our business in the region and globally, and the appointment of Lung speaks to that.”
“The investments we have made here over the past few years have allowed us to focus more closely on serving the unique markets within the region while providing clients with access to the full breadth of our global platform,” he added.
Earlier this year, Citibank announced that it plans to double its wealth management business in Singapore in terms of the number of customers and market share by 2025.
Citibank also launched a new flagship wealth management center in a prime location in Singapore. Spanning over 30,000 square feet, the wealth management center will occupy four floors including two floors for 400 relationship managers and specialists as well as two floors for client meetings and events.
Reportedly, Citibank also plans to develop another wealth management center in Singapore as a part of its plan to double its wealth management business in the country.