Citigroup has announced Luke Lu as the new country officer and head of banking for China, part of a global restructuring aimed at streamlining operations. Lu, succeeding the retiring Christine Lam, will manage Citibank’s Chinese businesses, ensuring strong client and regulatory relations. His prior role involved leading corporate banking for large local clients. This change follows Citigroup’s decision in October to sell its Chinese consumer wealth portfolio to HSBC Bank China for about USD3.6bn, focusing more on wealth management and corporate banking. Angel Ng, Citi’s North Asia and Australia cluster head, said China remains a strategic priority for Citi. The move is aligned with Citigroup’s broader strategy to reinforce its banking business in key markets.
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