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Citi appoints new head of consumer banking for Asia-Pacific

CITI has appointed Anand Selvakesari as its Asia-Pacific head of consumer banking, effective from July 1.

He will be replacing Jonathan Larsen, who has held that position since 2009. Mr Larsen will now focus on his role as global retail banking and mortgage head with the additional responsibilities of US retail banking and mortgage.

Mr Selvakesari has had a 23-year career at Citi and led the bank's consumer bank in China and India. Most recently, he was South-east Asia's cluster head for consumer banking.

Citi's CEO for global consumer banking Stephen Bird said: "Anand has a deep knowledge of consumer banking across the region... In previous roles, he was instrumental in building market-leading positions in cards, wealth management and digital in India and expanding the consumer business in China - more than tripling our branch network in China and launching a full range of products and services including sole branded credit cards."

Mr Selvakesari will report to Mr Bird and also has a matrix reporting line to Francisco Aristeguieta, Citi's Asia CEO.

Citi has over 500 branches in Asia and operates in nearly 150 cities in Asia with a strong digital presence in the region, with over seven million active digital banking users. The bank is the largest credit card issuer in the region and has over US$255 billion in client assets under management.

In 2014, Citi's consumer business generated US$7.5 billion in revenues, or 51 per cent of total Asian revenues.