Citigroup appoints new Asia Pacific wealth boss

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Ng, currently Citigroup’s Hong Kong chief executive, will oversee Citi’s wealth management business — centred around hubs in Singapore and Hong Kong — and lead the personal banking units in both cities.

She replaces Fabio Fontainha and Steven Lo, the previous co-heads of the Asia Pacific wealth business who have both shifted to new jobs within Citi.

Wealth management in Asia Pacific recorded $2.5 billion in revenue in 2021 and Citi aims to grow client assets in that business by $150 billion by 2025, the statement said.

Citi also said it plans to add 2,300 staff by 2025.