Citi has made several key changes to its private bank in Asia. The moves are sparked by unit head Bassam Salem’s retirement next year and the American bank's plans to replace him.
Citi's private bank created several new roles in Asia: Rudolf Hitsch will be north Asia head, Jyrki Rauhio south Asia head, and Akbar Shah head of business development, according to a memo seen by finews.asia.
The changes were sparked by the retirement of Asia veteran Bassam Salem from Citi next year. Hitsch, Rauhio, and Shah will all report to Steven Lo, who is slated to replace Salem.
Horace Yip will become the new global market manager for Hong Kong. Hitsch, who currently heads the offshore private bank business with clients from China and Taiwan, will add on coverage for Hong Kong in his new role.
Asia Advisory Board
Rauhio, who is currently the head of investment finance for the private bank in the region, will take on coverage for Asean, Australia, New Zealand, and global India. He will also report to Amol Gupte, Asean head and head of Citi in Singapore, for his Asean responsibilities.
The current global market manager for Asean, Jessica Poh, will report to Rauhio. She will be responsible for developing mega-wealth client relationships within the South Asia region.
Shah, who a 30-year veteran of private banking, will be responsible for client acquisition and the establishment of an Asia-Pacific advisory board.
