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Citi has appointed Luke Lu as Citi nation officer (CCO) and head of banking for China, in keeping with a January 31 media launch.
On this function, Lu (pictured) will oversee all of Citi’s companies and operations in China and might be liable for sustaining the agency’s consumer relationships and regulatory commitments.
Lu is succeeding Christine Lam, who’s retiring from Citi. Lu will report back to Angel Ng, Citi’s head of Asia North and Australia, cluster and banking. Lu may even assume the place of president and board director of Citibank (China).
Lu is a Citi veteran with 25 years of banking expertise, having labored in Hong Kong and mainland China. He joined Citi in 2002 in Shanghai and has held a number of senior management positions throughout company banking and industrial banking. Most just lately, he led the company banking protection of the big native company consumer section.
Citi China offers world banking capabilities and companies to mid-sized corporations throughout industrial banking.
Ng commented: “Luke has a powerful monitor report of delivering enterprise progress, having information and distinctive perception of the China market and a relentless concentrate on shoppers. The China market is a strategic precedence for Citi, the place we have now a market-leading banking enterprise that we’re dedicated to, and Luke is well-qualified to guide and develop our franchise in China.”
“I might additionally prefer to thank Christine for her management of the Citi China franchise up to now seven years. Underneath her management, our China franchise has made great progress. Christine has a distinguished profession at Citi spanning 40 years, her contribution covers many companies, features and geographies,” added Ng.
In September 2023, Citi was the primary US financial institution to obtain approval from the Shanghai Futures Trade (SHFE) and Worldwide Power Trade (INE) to behave as a Futures Margin Depository Financial institution (FMDB) for its Certified Overseas Investor (QFI) shoppers to commerce commodity futures on the SHFE and INE.
Citi can also be pursuing the set-up of a wholly-owned securities and futures firm in mainland China, the discharge stated.
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