Citigroup to relocate Asia-Pacific CEO to Singapore

24 November 2010

Citigroup’s chief executive officer (CEO) for Asia is to relocate to Singapore, an internal memo has revealed.

Shirish Apte is moving from Hong Kong to oversee the bank’s work in the South Asian region.

This will include Australia, India and the Association of Southeast Asian Nation while Steve Bird, Citi’s other co-CEO for the region will remain in Hong Kong to focus on the bank’s operations in the likes of China, Japan and his own home city in the region.

Vikram Pandit, CEO at Citi, who was quoted by Reuters, said: “With this move, we will have our two Asia-Pacific leaders in the two important focal points for our business - Hong Kong and Singapore.”

Earlier in the month, Citigroup announced the opening of a new branch in Hong Kong as part of the firm's ongoing development in the territory.

Stephen Bird said that the opening of the retail outlet in Mong Kok was an indicator of how Hong Kong will be at the centre of a “golden decade” of expansion for the bank in the region.

By Jim Ottewill

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