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May 19, 2022

Citi promotes Korea-based banker as COO for Global Wealth

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

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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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.

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.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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