Citigroup promotes Singapore retail bank head to oversee private client business in Asia, Europe
- San San Chan will take the newly created role as head of Citigold Private Client business for Asia-Pacific and EMEA on October 1
- Appointment underscores increasing importance of wealth management to banks seeking to tap growing incomes in Asia
Citigroup said on Wednesday it had promoted the head of its wealth and retail banking business in Singapore to a newly created role overseeing its Citigold Private Client business focused on retail high-net-worth clients in Asia, Europe, Middle East and Africa.
San San Chan, head of wealth management and its client segments strategy, as well as acting retail banking head for Citi Singapore, will take the new role on October 1. She will report to Fabio Fontainha, Citi’s head of retail banking for Asia-Pacific and Europe, Middle East and Africa (EMEA). She has been with the bank since 2003.
“Asia-Pacific remains one of the fastest-growing wealth regions globally, presenting opportunities for Citi to further support both existing and new clients,” Fontainha said. “The newly created [Citigold Private Client] business head position underlines the strategic focus for Citi across this important retail wealth management segment.”
As Citigold business head for Asia-Pacific and EMEA, Chan will be responsible for driving regional sales and advisory strategies for the segment, which caters to customers with US$1 million to US$10 million in investible assets and is available in 11 markets in Asia.
The Asian business is the fastest-growing among Citigold’s operations globally and high-net-worth clients are an important segment for Citi’s wealth management business globally, the bank said. Citi is targeting a 10 per cent increase in wealth management clients and assets this year.
The appointment comes as banks are increasingly making a big bet on wealth management as they seek to tap growing incomes in Asia and other emerging markets.