Kuh, who will assume his new Hong Kong-based position towards the end of March, will remain co-head of CitiÆs global retail group together with John Boord. He will relocate from London where he has been since 1999 as co-head of the European consumer group alongside Ian Carnegie-Brown. Kuh has been with the group since 1994 when he joined Salomon Brothers in San Francisco.
The move reflects the fact that Citi sees opportunities within these sectors for Asian clients who want to expand both in the region and overseas, as well as for multinational corporations looking to Asia to grow their businesses, a source familiar with the appointment says.
But bringing someone with global experience within these two sectors to head its efforts in Asia also shows the relative importance that Citi attaches to its investment banking operations in this region.
Citi has worked on a number of consumer deals in Asia in the past 12 months, including Korean conglomerate Eugene GroupÆs $2.12 billion acquisition of South KoreaÆs largest electronics retailer Himart in December last year. The bank was also the sole advisor for Whyte & Mackay when it was acquired by United Spirits for $1.18 billion.
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