Citi has promoted Valentin Valderrabano, the consumer business manager for Citibank Korea, as the new chief operating officer (COO) for Citi Global Wealth.

This appointed is effective in July, reported Reuters, which had reviewed an internal memo.

Valderrabano will report to the bank’s global wealth head Jim O’Donnell.

He has almost two decades of experience at the bank.

Valderrabano will replace the present Citi COO Eduardo Martinez Campos.

Campos will lead Citi Wealth Services and Strategic Investments.

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By GlobalData

Citi’s wealth business in the US generated a revenue of $7.5bn globally last year. It has over $800bn in client assets and over 3,000 client advisers.

Earlier this month, it was reported that Citi is accelerating its plan to recruit additional 700 private bankers across Europe following the opening of its two new offices in Paris and Frankfurt.

The US-based lender is currently shifting its Luxembourg-based staff to the new locations with plans to hire new employees in the months to come.

The new offices are located at the bank’s current locations in both the cities.

Last month, it was reported that Citi plans to recruit more wealth managers in Hong Kong as it strengthens its private banking push with a focus on China’s Greater Bay Area.