The US firm has named the former senior figure at the Swiss bank to a market head role for China. Major banks in Asia are in a hiring spree, with lenders such as HSBC, Credit Suisse and Citi Private Bank among those in the talent battle.

Citi Private Bank has appointed former Credit Suisse figure Lillian Liao as new global market head for China, based in Singapore.

Liao reports to North Asia head of private banking Rudolf Hitsch.

The US bank declined to comment.

In mid-May the bank said that at that point of 2021 it had recruited almost 650 wealth professionals in Asia-Pacific, including more than 130 relationship managers and private bankers. In the first quarter of 2021, the US-based banking group said that it made more than $5 billion in net new money - one of the strongest months for inflows in its history.

Among recent moves, a former employee of Citi Private Bank, Faye Ong, returned to the US bank to take on a senior Asian role. She was named head of family office advisory - Asia and is based in Singapore.