US bank Citi has created an Asia-Pacific Business Development Group and named Ted Teo to run it to facilitate cross-selling between its global and private banking businesses in the region.

Teo took up the role as managing director in Hong Kong late last week, leading a team of one analyst and a support staff, AsianInvestor can confirm. The bank has similar roles in the US and Emea.

Citi Private Bank operates under the institutional client group umbrella, which includes traditional corporate and investment banking (called global banking).

The private bank’s incorporation into this group was designed to leverage on the institutional client platform to serve clients better. This latest move is seeking to make the two parts of the business work together more effectively.

Teo will refer private banking clients seeking investment banking solutions to the global bank, and global banking clients to the private bank for wealth management solutions; assist with the distribution of equity and debt capital markets transactions to the private bank’s clients; and facilitate other cross-selling within the firm.

He will report locally to Aamir Rahim, Asia-Pacific head of Citi Private Bank, and Chris Laskowski, Asia-Pacific global banking COO and head of the financial entrepreneurs group; and globally to Charlie McVeigh, head of the business development group.

Teo explains that his job is to coordinate communications and collaboration between the two business groups.

“Traditionally the private client business revolves around investment, advisory and trust services,” he says. “But a lot of high-net-worth individuals have institutional client needs, perhaps running a business planning an IPO or looking at an M&A.

“At the same time they might be looking for public or private equity or debt instruments to invest in. My job is to allow these clients access to institutional client resources and at the same time try to bring global banking clients into the private bank business.

“I will be involved in referrals and partnerships, making sure both sides gain good access to the resources available to them, and act as a catalyst for such partnerships and collaborations.”

Teo has spent the past 13 years at Citi, most recently as head of corporate banking in Beijing, where he worked with state-owned enterprises and privately owned firms in the north China region.

He notes that his new role has an Asia-Pacific remit, although says he can imagine he will be spending more time on the Chinese market, which Citi Private Bank serves offshore. Citi does not serve the Japan market, but all other regional markets it serves onshore.