Citibank Bulks Up In Hong Kong With String Of Hires

Vanessa Doctor

28 September 2010

Citibank Global Consumer Group has made key appointments into its senior management ranks.

Fanny Lum, formerly the director of wealth management, is now the director of bank branching. In her new role, she will be responsible for overseeing the bank's retail branches, as well as operations in Hong Kong and Macau. She manages a team of relationship managers serving the mass affluent and affluent clients.

Josephine Lee, who used to be the head of investment products and sales, now occupies Lum's former job as director of wealth management. Her new capacity will have her responsible for the development of investment products and sales and marketing strategies for the successful delivery of wealth management solutions for retail clients.

Also acquiring a new position is Maria Leung, who is now director of Citigold Private Client. Leung brings extensive banking experience on the Hong Kong retail and card business areas. As director of the said division, she will be overseeing operations and linkages at the One Citi Wealth Management continuum, which covers Citigold, Citigold Private Client, and Citi Private Bank.

Citigold Private Client provides services for high net worth individuals with a portfolio of between $1 million and $10 million.

Citigroup has made massive hires at its Hong Kong, China and Taiwan units over the past months, with the region touted to grow 15 to 20 per cent faster than its rivals in the next three years. In a recent research by Celent, it was revealed that in China alone the wealth market is expected to blow up to $700 billion by 2014.