Veteran Citi private banker takes on more responsibilities

Akbar Shah, head of Citi private bank's mega-wealth division in the Asia-Pacific region, has also been given responsibility for the private bank's wealth management business in Singapore, Malaysia and Brunei. This follows the departure of Tan Su Shan, who the bank says "is leaving to pursue an opportunity outside the firm".

Shah is a 21-year veteran of Citi, spending the bulk of his career in private banking in various senior relationship and leadership roles across Europe, the Middle East and the Asia-Pacific region.

Citi private bank delivers holistic wealth management services to high-net-worth individuals and families with a minimum of $10 million in net worth.

Prior to his return to Asia in August last year, Shah was chief executive officer of Citi Global Wealth ManagementÆs Middle East business from 2005 to 2007, where he significantly expanded Citi private bankÆs business and client base in one of the worldÆs fastest growing wealth markets.

ôApart from strengthening CitiÆs private banking franchise in Singapore, Malaysia and Brunei, one of my main aims will be to position Citi private bank as a catalyst for bilateral investment between Singapore and the Gulf by leveraging CitiÆs vast network of high-net-worth relationships in both places," Shah said.

He said that high energy prices have helped generate more than $1.2 trillion in wealth, largely in the Middle East, of course. In Asia-Pacific, the fastest-growing (US dollar) millionaire population was in Singapore, as of the end of 2006, with an annual growth rate of 21.2%, according to Merrill Lynch Cap Gemini Asia Pacific Wealth Report 2007.