Citi has promoted a former banker from its closing Korea consumer business to become the chief operating officer for its global wealth unit.
Valentin Valderrabano has been named chief operating officer (COO) for Citi Global Wealth, according to an internal memo seen by finews.asia.
Valderrabano will transition into the new role in early July after relocating to the U.S. this summer.
Valderrabano has spent nearly 20 years with Citi, most recently as the consumer business manager for the Korea unit which is in the process of shutting down its retail business following a strategic review last year to exit 13 markets where the bank lacks scale. Previously, he also held leadership roles across businesses in Spain, London, Greece, Singapore and the U.S.
Senior Reshuffle
Valderrabano succeeds ex-wealth COO Eduardo Martinez Campos who was appointed as group head of Citi Wealth Services and Strategic Investments in March – a unit that focuses on strategic investments in potential partnerships and joint ventures as well as tactical wealth management investments.
Ji-Kang Kim, current head of retail banking at Citibank Korea, succeeds Valderrabano as the new consumer business manager for Korea as of July 1.
A spokesperson for the bank confirmed the contents of the memo.
CGW
Citi’s global wealth unit generated $7.5 billion of revenue in 2021 with over $800 billion in client assets and more than 3,000 client advisers.
The bank plans to grow its client assets to $150 billion by 2025, depending on its four global wealth hubs – Hong Kong, Singapore, London and the UAE.
