New York-headquartered Citi has restructured its Asia business by combining several markets in the region to form a new cluster.
Citi has formed a new Japan, Asia North and Australia cluster, according to a statement. The move is aimed at achieving organizational simplification by combining the Australia, China, Hong Kong, Japan, Macau, New Zealand, South Korea and Taiwan markets into a single cluster.
The new cluster will be overseen by Mark Luet, who was appointed Asia North & Australia cluster and banking head in March after succeeding Citi veteran Angel Ng who decided to retire following 26 years with the US lender. Luet will also continue to serve as Citi country officer and banking head for Japan until a successor is named.
«Strengthened Connectivity»
According to Citi head of international Ernesto Torres Cantú, the new cluster benefits from «strengthened connectivity» that will enable clients to leverage the «fast-growing investment and trade flows both within this cluster and globally».
«With a more distributed management and support structure across markets, we are poised to accelerate progress towards our vision of being the preeminent banking partner for companies and individuals with cross-border needs,» Cantú added.
