Citi has appointed Jonathan Larsen as country head for the bank in Singapore, making him responsible for the consumer, institutional and wealth management businesses in the country.
This is a newly created role which sees Larsen take on responsibility for Citi’s franchise in Singapore. He will head the institutional clients group, consumer banking, cards and wealth management. Larsen will also continue to lead global cards and consumer banking product strategy for Citi for the Asean (Association of Southeast Asian Nations) region.
Larsen will report to Piyush Gupta, CEO of Southeast Asia Pacific. On August 18, Citi divided the Asia-Pacific region into four geographic clusters with the Southeast Asia Pacific region, comprising Australia, New Zealand, Guam and the Asean countries of Indonesia, Malaysia, Philippines, Singapore, Brunei, Thailand and Vietnam, headed by Gupta. Larsen's appointment may be the first in a series of appointments by Citi as it seeks to align the region with the vision of its new Asia-Pacific CEO, Ajay Banga, who drove the restructuring.
“[Larsen] is ideally placed to take on this important new role, which will enable us to strengthen our relationships with our clients and deliver the full benefits of Citi’s global products and capabilities,” says Gupta in a written statement.
Larsen is a veteran Citibanker who joined the US bank in 1998. He has held various roles in Asia over the past decade. In 2005 he was appointed country business manager for Citi’s consumer banking business in Singapore and in 2007 he became the head of Southeast Asia, overseeing the consumer banking business in Indonesia, Malaysia, the Philippines, Guam, Singapore and Thailand.
Larsen was earlier head of retail banking for Citibank in Asia-Pacific and oversaw the development of private banking for affluent customers under the Citigold wealth management banking brand, while also heading business development for the consumer business.
Before he joined Citi, Larsen was a principal in the financial services group at management consultancy firm Booz, Allen & Hamilton. He began his career at the insurance and banking operations of the National Mutual Group in Australia and New Zealand (now part of AXA).