Tan Su Shan has rejoined Morgan Stanley in Asia after leaving her role as head of Citi Private Bank’s wealth management business in Singapore, according to unconfirmed sources in the jurisdiction.
In her place, Citi has confirmed that Akbar Shah, head of Citi Private Bank's Mega Wealth division in the Asia-Pacific region, has been given responsibility for the private bank's wealth management business in Singapore, Malaysia and Brunei.
In a statement, Citi says that Mr Akbar, a 21-year veteran of the Wall Street Bank, has spent the bulk of his career in private banking in various senior relationship and leadership roles across Europe, the Middle East and the Asia-Pacific region.
“He is one of our most outstanding private bankers. His insights and industry experience will bring an added dimension to our client relationships. I am confident that under Akbar’s leadership, we will make further inroads into these critical markets and deepen our relationships with high net worth individuals and families in Singapore, Malaysia and Brunei,” said Kaven Leung, chief executive officer of Citi Global Wealth Management.
Prior to his return to Asia in August last year, Mr Shah was chief executive officer of Citi Global Wealth Management’s Middle East business from 2005 to 2007, where the bank says he significantly expanded its Private Bank’s business and client base in one of the world’s fastest growing wealth markets.
Citi has the largest footprint among wealth managers in the Asia Pacific with more than 20 offices across the region. More than 2,000 wealth management professionals, including 300-plus private bankers and investment specialists as well as over 300 financial advisors, serve over 200,000 high net worth individuals and families, including half of Asia's (ex-Japan) billionaires.