Citigroup appoints new Asia Pacific wealth boss

HONG KONG (Reuters) – Citigroup Inc said on Tuesday it appointed Angel Ng to lead its Asia Pacific global wealth management business.

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.

(Reporting by Scott Murdoch in Hong Kong; editing by Uttaresh.V)