Citi has appointed C.R. ‘Shyam’ Sambamurthy as the first Global Head for its International Personal Bank (IPB) business.
Based in Singapore, Mr Sambamurthy will be responsible for the global strategy of the IPB franchise, which represents a highly successful international wealth management business providing specialised wealth management advisory and solutions to a select group of global clients.
In this role, Mr Sambamurthy will report to Mr Anand Selvakesari, Head of Consumer Banking for Asia Pacific, and Mr Gonzalo Luchetti, Global Head of Wealth Management and Asia Head of Retail Bank.
The IPB franchise has a client base of 260,000 clients with total assets under management of more than US$60 billion. It has five booking centres across the world including Hong Kong, Jersey, London, Singapore and the United States.
Mr Michael Zink, Head of ASEAN and Citi Country Officer, Singapore, said: “We first launched IPB in Singapore in 1983 and I am delighted that we are continuing to build on our success. Shyam’s appointment affirms the importance of Singapore to Citi and is very much in line with the country’s development as a leading international financial centre.”
A seasoned and veteran Citibanker with a career spanning 27 years, Mr Sambamurthy has extensive experience in the industry having managed complex and multi-jurisdictional businesses across Asia and Europe. Prior to his latest appointment, Mr Sambamurthy was the Business Manager of IPB Singapore, a role which he held since 2009.
Commenting on the appointment, Mr Selvakesari said: “Shyam was instrumental in leading the IPB business through many successful strategic initiatives and transformation projects over the years. These included establishing common functions, processes and platforms, thereby making IPB a much stronger business than it was before. Shyam’s strong stewardship and sharp business acumen will steer our global IPB franchise to even greater heights.”
A key differentiator for Citi’s IPB is the ability to leverage on the synergies from Citi’s international network to support its global clients. Furthermore, a professional team of Relationship Managers, Treasury Services Managers, Portfolio Counsellors and Wealth Planning Managers from multi-cultural background, combined with their deep understanding of the local market and international experience, have proven to be a winning formula for IPB’s global business.
“As clients become more affluent, the need for more diversified yet customised investment advisory services to protect and grow their wealth has become increasingly important. I am confident that under Shyam’s leadership, we will not only continue to deliver a quality wealth management proposition but also enhance our reputation as a trusted advisor to our global clients,” said Mr Luchetti.
