By Selena Li
HONG KONG (Reuters) – Citigroup mentioned on Monday it had appointed Wenjie Zhang as its new nation officer and banking head for China, after the exit of its former China head in November.
Zhang was additionally named president and government director of Citibank China, the corporate mentioned in an announcement. The appointment is topic to regulatory approvals.
He’ll act because the lead Citi consultant and as its single, coordinated face within the mainland China market, the corporate mentioned, main the staff and fostering robust regulatory relationships and threat controls.
He’ll fill the function after former Citi China head Luke Lu left in November for private causes.
Zhang will be a part of Citi in July and might be primarily based in Shanghai, reporting to Marc Luet, Citi’s Head of Japan, Asia North and Australia and Banking, the financial institution mentioned.
A seasoned banker with 30 years of expertise in company and institutional banking, Zhang was most lately the president of China and Shanghai department supervisor for Financial institution of America China, in response to Citi’s assertion.
Previous to that, he was co-head of world banking and government vice chairman at HSBC China, after stints at JPMorgan, Citi and Credit score Agricole CIB.
Citi is chopping as much as 200 data expertise (IT) contractor roles in China, two individuals acquainted advised Reuters final month, because the financial institution appears to be like to rent its personal workers globally for such operations to enhance threat administration and information governance.
Citi, which already has a banking enterprise in China, is within the technique of establishing a securities unit within the nation.
(Reporting by Selena Li; Modifying by Jamie Freed)
