US bank Citi moved late last week to promote veteran Anand Selvakesari to head of consumer banking for Asia Pacific, based in Singapore.
Effective from July 1, Selvakesari will be tasked with growing the business across 13 Asian markets. Citi has $255 billion in wealth management assets, spanning consumer and private banking.
The consumer bank is understood to account for about 70% of Citi’s AUM. It generated $7.5 billion in revenues last year, or 51% of total regional revenues.
Selvakesari has spent 23 years at Citi, leading its consumer bank in China and India before relocating from Mumbai to Singapore in 2013 to head consumer banking for Asean. He also served as head of retail banking in Taiwan from 2004 to 2006.
Selvakesari was unavailable for interview as AsianInvestor went to press. While based in Singapore, a spokesman confirmed the Asia consumer banking chief would also run an office out of Hong Kong as part of his new role.
One of Selvakesari’s challenges will be how to drive consistent processes and performance. Citi has more than 500 branches in nearly 150 cities in the region. It won AsianInvestor’s consumer bank award earlier this year, as reported.
The consumer bank saw its AUM increase 12% last year as it focused on markets in financial and affluent areas. Its investment product AUM increased 11%, with mutual funds making up the largest portion.
Without a proprietary funds business, Citi added 11 external fund managers last year, including in India, Korea and China as well as regional and global. It covers more than 100 asset managers and has more than 1,000 funds approved for distribution.
Overall the consumer bank has 250 staff to help drive product development. Its wealth management business has more than 1,600 relationship managers, supported by 300 investment, foreign exchange and portfolio counsellors.
In his new role Selvakesari will report directly to Stephen Bird, the bank’s former head of Asia Pacific who was promoted in April to head its consumer bank globally, based in New York. He also has a reporting line to new Asia CEO Francisco Aristeguieta.
Selvakesari replaces Jonathan Larsen, who relinquished his role as Asia-Pacific head of consumer banking to focus on his job as global head of retail banking. Larsen was handed additional responsibilities for US retail banking and mortgages.