US-headquartered banking group, Citi, has appointed Aveline San as chief executive officer for Hong Kong and Macau, effective July 17, as per a note seen by FinanceAsia.
San will retain her position as chief executive of Citibank NA in Hong Kong, in addition to her new role. She is responsible for fostering key client and regulatory relationships in both markets, reporting to Tim Monger, who was appointed head of the North & East Asia cluster in June. She replaces Angel Ng, who was appointed Asia head of Citi Global Wealth in April.
In the release, Monger highlighted Hong Kong as a “key growth market and regional hub” for the group. A spokesperson for Citi added that the bank is targetting revenue growth across both its institutional and wealth businesses in the market.
“Hong Kong is one of Citi’s four global wealth hubs, and key to our ambitions to grow our wealth management business, including the emerging affluent and affluent client segments,” she told FA.
Citi is retaining its consumer banking business in Hong Kong, Singapore, London and the UAE, while it divests from 14 markets across Asia and EMEA. Most recently, it completed the sale of its Philippines consumer banking arm to UnionBank.
San joined Citi as regional chief compliance officer for Asia Pacific in April 2019. Prior to this, she spent 14 years at UBS in various senior positions including APAC group regional head of Compliance and Operational Risk Control, and general counsel of Wealth Management for North Asia.
“As we continue to grow our wealth management and institutional clients business in Hong Kong and the Greater Bay Area, Aveline’s deep understanding of the operating environment and key issues in the region make her the ideal leader to steer the Hong Kong franchise forward,” Monger said in the announcement.
The group reported an 11% rise in revenue in its second quarter results, citing benefits from increased interest rates, strong activity in its Markets business, and momentum in its US cards businesses. However, the bank’s Investment Banking division suffered the effects of sluggish capital markets, and its Global Wealth Management division faced falling investment fees.
Other recent regional appointments announced by the bank include Amol Gupte as head of South Asia & ASEAN (SAA) in June, and Robert Jahrling as head of Equity Capital Markets for Australasia in July.