Citi appoints first global head for its IPB business

CITI has appointed C R 'Shyam' Sambamurthy as the first global head for its international personal bank (IPB) business.

Based in Singapore, Mr Sambamurthy will be responsible for the global strategy of the IPB franchise, which represents an international wealth management business providing specialised wealth management advisory and solutions to a select group of global clients.

The IPB franchise has 260,000 clients with total assets under management of more than US$60 billion. It has five booking centres across the world - Hong Kong, Jersey, London, Singapore and the US.

Mr Sambamurthy has extensive experience in the industry having managed complex and multi-jurisdictional businesses across Asia and Europe. Prior to his latest appointment, Mr Sambamurthy was the business manager of IPB Singapore, a role which he held since 2009.

Michael Zink, head of Asean and Citi country officer, Singapore, said: "We first launched IPB in Singapore in 1983 and I am delighted that we are continuing to build on our success. Shyam's appointment affirms the importance of Singapore to Citi and is very much in line with the country's development as a leading international financial centre."