Read joined Citigroup in 2017 as head of sales and distribution for 17 markets across Asia-Pacific and EMEA, overseeing sales productivity across Citi Priority, Citigold and CPC segments. He was also responsible for managing the digitisation and transformation of Citi’s branch network.

In other areas, he has worked in sales and distribution, operations and compliance. He joined Citibank from ANZ, where he was head of wealth distribution and branch network (Asia-Pacific) having accountability for the affluent banking and private wealth segments. Read, who has lived in Singapore for 17 years, is a permanent resident.

“We have made a great start to the bank’s refreshed strategy to grow our wealth management business. Matt’s familiarity with Singapore and Citi’s Singapore business, and his senior management experience across multiple international financial institutions including Citi, make him the right leader to build on our existing success and accelerate our progress,” Carney said.

The US bank wants to add $150 billion in assets under management in Singapore and Hong Kong by 2025. Its overall goal in Singapore is to triple AuM and increase wealth clients by 2.5 times by 2025, the firm said in its statement. 

Singapore has so far chalked up a compound annual growth rate of 45 per cent in new Citigold plus CPC clients since 2020. It also saw a similar rise in net new money since 2020.