Aug 7 (Reuters) - Citigroup ( C/PN ) has appointed

Luen-Yuan (Lenny) Chu as the head of China Global Network

Banking (GNB), effective August 11, the bank said on Thursday.

Chu, who spent nearly two decades with Europe's largest bank

HSBC, will oversee corporate banking services for multinational

companies operating in China, a critical segment for Citi's

global operations.

The move comes just months after sources told Reuters that

Citi is cutting up to 200 information technology (IT) contractor

roles in China, as part of a broader effort to internalise such

operations to improve risk management and data governance.

Citi currently serves around 70% of the Fortune Global 500

companies with operations in China, underscoring the importance

of its GNB business in the region.

"China is one of our key GNB franchises and Lenny will be

responsible for delivering business growth in collaboration with

internal partners and stakeholders," said Chris Wen, Citi

China's corporate banking head.

Chu's appointment adds to a series of high-profile hires at

Citi as it expands several business lines, including investment

banking.

Earlier this week, the bank named industry veteran Aashish

Dhakad as the head of its private credit origination division in

North America while beefing up its investment team with the key

hires of Vikram Chavali and Deepak Dangayach as managing

directors.