Citi Simplifies, Strengthens Its Asia Business

Editorial Staff 10 May 2024

Citi Simplifies, Strengthens Its Asia Business

By simplifying its structure, the US banks thinks clients can benefit from fast-growing investment and trade flows.

Citigroup has announced that Marc Luet, who was appointed in March 2024 as Asia North and Australia cluster and banking head, will be responsible for strengthening connectivity across its priority markets. Luet will also continue to serve as Citi country officer and banking head for Japan until a successor is named.

Citi is combining its Japan and Asia North and Australia clusters to create a new Japan, Asia North and Australia group which will include its Australia, China, Hong Kong, Japan, Macau, New Zealand, South Korea, and Taiwan markets, it said in a statement.

“With a more distributed management and support structure across markets, we are poised to accelerate progress towards our vision of being the pre-eminent banking partner for companies and individuals with cross-border needs,” Ernesto Torres Cantú, head of international, said.

“Japan is an important market for local corporates, multinationals and global investors, and one of our top markets globally. The markets in this cluster will benefit from the stronger synergies with Japan, and vice versa,” Luet added.

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