Citi will promote its current Malaysia chief executive as the new chairman of its private banking unit.
Lee Lung Nien will take on the Singapore-based role, according to an announcement, from September 1 onwards. He will report to Steven Lo, Asia Pacific regional head of Citi Private Bank and Amol Gupte, ASEAN head and country officer for Singapore.
Lee has spent over 30 years with Citi and has been the CEO of Citi Malaysia since 2014. Previously, Lee was held various other senior roles including co-head of corporate sales and structuring for markets and securities services, chief operating officer for Singapore, and AML (anti-money laundering) business head of Asia Pacific.
New Structure
In March this year, Citi’s former South Asia head of private banking Jyrki Rauhio left to «pursue other opportunities» after two years in the role. At the time, Citi added that it would not replace Rauhio and that all South Asia global market managers at the private bank would report to Lo.
The newly appointed Lee will have the responsibility to drive business development and new client acquisition for Citi Private Bank, the bank added.
«Our franchise in South Asia is critical to the success of our business in the region and globally, and the appointment of [Lee] speaks to that,» Lo said. «The investments we have made here over the past few years have allowed us to focus more closely on serving the unique markets within the region while providing clients with access to the full breadth of our global platform.»
