Citigroup has named Simon Yoo and Jing Zhao as the new co-heads of its Asia Pacific Financial Institutions Group.

Ms Zhao is currently the chairman of Citi's China investment banking division and is expected to retain this role. Mr Yoo is presently the head of the Financial Entrepreneurs Group in Japan.

The duo, whose appointments take effect by the end of the year, will report directly to Citi Asia Pacific Global Banking head Farhan Faruqui.

Citi's FIG team services corporate banking, investment banking, and commercial banking clients. It has 90 specialist bankers spread across the region.