Lee will take up the role from 6 October, replacing incumbent Tibor Pandi, who will move to “explore other opportunities within the firm.”

"In his new role, he will oversee all Citi businesses and operations in Singapore, driving franchise performance, managing key client and regulatory relationships, and ensuring a robust risk and control environment," the bank said in a statement.

Lee will report to Amol Gupte, Citi’s Head of Asia South, joining the Asia South Management team.

Commenting on Lung’s appointment Amol Gupte said: “A product of Citi's global talent program, Lung brings a wealth of multi-market experience and proven leadership, positioning him ideally to lead the Singapore franchise.”

Lee’s appointment marks the first time in 50 years that a Singaporean will serve in the bank’s most senior role for the Singapore market.

Lee has been with Citi for 35 years. He serves as chairman of Citi Private Bank for South Asia – as this publication reported at the time of his appointment.