Citigroup has appointed its Hong Kong and Macau CEO Angel Ng as the new head of its wealth management business for the Asia Pacific.
In her new role, Ng will lead the American banking giant’s wealth management business in Singapore and Hong Kong and lead the personal banking divisions in both cities.
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Ng will continue to be based in Hong Kongand report to APAC CEO Peter Babej and Jim O’Donnell, global wealth management CEO.
Commenting on the appointment, O’Donnell said: “Angel is a proven and capable leader with extensive experience across Citi. Her knowledge and understanding of both wealth and the institutional side of Citi will be instrumental as we continue to build a winning wealth management business.”
Ng, who joined Citigroup in 1998, handled various responsibilities before being elevated as head of Hong Kong and Macau in 2018.
She replaces Fabio Fontainha and Steven Lo, who co-led the business previously.
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By GlobalDataFontainha has been named as the new global head of Citigold and Citigold Private Client, while Lo will serve as Asia-Pacific head of Citi Private Bank.
“Fabio and Steven have been instrumental in defining and executing our Win in Wealth strategy in Asia over the past couple of years, and I thank them for all of their hard work in making our business successful,” O’Donnell added.
The bank’s wealth management business in the Asia Pacific generated revenue of $2.5bn in 2021. By 2025, the bank plans to boost client assets in the region by $150bn and increase headcount by 2,300.
