HONG KONG, June 2 (Reuters) - Citigroup ( C/PN ) said on
Monday it had appointed Wenjie Zhang as its new country officer
and banking head for China, after the exit of its former China
head in November.
Zhang was also named president and executive director of
Citibank China, the company said in a statement. The appointment
is subject to regulatory approvals.
He will act as the lead Citi representative and as its
single, coordinated face in the mainland China market, the
company said, leading the team and fostering strong regulatory
relationships and risk controls.
He will fill the role after former Citi China head Luke Lu
left in November for personal reasons.
Zhang will join Citi in July and will be based in Shanghai,
reporting to Marc Luet, Citi's Head of Japan, Asia North and
Australia and Banking, the bank said.
A seasoned banker with 30 years of experience in corporate
and institutional banking, Zhang was most recently the president
of China and Shanghai branch manager for Bank of America
China, according to Citi's statement.
Prior to that, he was co-head of global banking and
executive vice president at HSBC China, after stints at
JPMorgan, Citi and Credit Agricole CIB.
Citi is cutting up to 200 information technology (IT)
contractor roles in China, two people familiar told Reuters last
month, as the bank looks to hire its own staff globally for such
operations to improve risk management and data governance.
Citi, which already has a banking business in China, is in
the process of setting up a securities unit in the country.