Citi has internally chosen a new head of retail banking in Singapore.
Matt Read has been appointed as Citibank Singapore’s retail banking head, according to a statement, effective April 17. In the role, Read reports to Citibank Singapore CEO Brendan Carney as well as international head of Citigold and Citigold Private Client (CPC) Shyam Sambamurthy.
Read will also join Citibank Singapore’s senior management group.
Read started working at Citi in 2017 as head of sales and distribution for 17 APAC and EMEA markets, overseeing sales productivity across the Citi Priority, Citigold and CPC segments. Previously, he also held senior roles in sales and distribution, operations and compliance at ANZ and GE Capital.
Growth Ambitions
Citi has ambitious growth plans for Asia, including the target of adding $150 billion of assets under management (AUM) in Hong Kong and Singapore by 2025. Within Singapore, it aims to increase AUM and wealth clients by three and 2.5 times, respectively, by 2025.
According to the bank, it has posted a compound annual growth rate of 45 percent in new clients from Citigold and CPC, alongside similar increases in net new money, since 2020.
