The global head of Citigroup’s private banking business Peter Charrington has decided to step down after 26 years association with the bank.
Charrington, who has been heading the private banking business since 2014, will now spend his time with family and pursue new opportunities, a report by Bloomberg said.
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In a memo send to employees, Citigroup’s institutional clients group Paco Ybarra mentioned that Charrington will help in ensuring the smooth transition of his role before his departure.
A spokesperson for the bank confirmed the contents of the memo.
Citigroup’s private bank provides affluent families with services such as estate planning, portfolio management, aircraft financing, and art advisory.
In the first nine months of the year, the business’s revenue rose 9% to $2.84bn. It has around $500bn in total client business, and customers in over 100 countries.
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By GlobalDataIn July, Citi promoted its existing Malaysia CEO Lee Lung Nien as the South Asia chairman of its private banking unit.
Nien took over the new role on 1 September and operates out of Singapore.
In September, Citi became the first US bank to secure China fund custody licence in China. The licence will allow the bank to hold securities on behalf of mutual funds and private funds in the country.
Citi can hold securities after passing an onsite inspection. It will offer custodian services such as record-keeping, trade settlement and income processing.
In May this year Citigroup announced new unit focused on sustainability within its investment banking unit. This new unit is dubbed the Sustainability & Corporate Transitions group.
