Leung has been with the private bank for 20 years and was most recently North Asia region head, overseeing the markets in Hong Kong, Taiwan, China, Korea, Thailand and the Philippines. His substantial banking experience includes corporate banking, asset management, investment, credit, capital markets and risk management.
In his new role, Leung will oversee the groupÆs private banking business in Indonesia, Singapore, Malaysia, Brunei, China, Hong Kong, Taiwan, Korea, Philippines, Thailand and Vietnam. He will also manage more than 400 private banking professionals serving these markets, including a team in New York.
He will continue to be based in Hong Kong and will report to Deepak Sharma, chief executive officer of Citigroup Global Wealth Management for Asia-Pacific and the Middle East.
ôKavenÆs contribution has been exemplary in guiding our private bank franchise in North Asia to become one of the most successful in the wealth management industry today,ö says Sharma. ôUnder his adroit leadership, Hong Kong has emerged as the largest market for The Citigroup Private Bank in the region. Not only is Kaven one of the finest business managers in the Citigroup Global Wealth Management organisation, he is also recognised by industry peers as a leader and tireless champion for AsiaÆs wealth management industry.ö
Industry data show that Asia remains one of the largest and fastest growing markets for private banking, according to the bank. More than a quarter of the worldÆs 8.7 million high-net-worth individuals, who possess at least $1 million in net assets, are lnocated here. Collectively, the total assets of these individuals account for $7.6 trillion. For the next few years, private wealth in the region is expected to grow at an annual compounded rate of 6.7% to reach $10.6 trillion by 2010, the Citigroup release notes.
The bank claims it has more than 6,000 high-net-worth individuals (at least $10 million in net worth) as its clients, including half of non-Japan AsiaÆs billionaires.
ôAsia is, and will remain, a key market for The Citigroup Private Bank, accounting for 29% of the private bankÆs global revenue and 34% of net earnings in 2006,ö says Leung. He also notes the ôpromising outlook for many of the regionÆs economies and the unabated rates of wealth creationö.