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Citi appoints new consumer banking head for Asia-Pac, EMEA

CITI on Friday said it has appointed Gonzalo Luchetti as head of consumer banking for Asia-Pacific and EMEA - the 17 markets that collectively contribute to 27 per cent of Citi's global consumer banking profit. 

He replaces Anand Selvakesari, who will become the new head of US consumer banking, a spokeswoman told the Business Times.

Mr Luchetti will manage the 12 markets that Citi offers retail banking, wealth management and credit cards in Asia-Pacific, along with the five EMEA markets – Poland, Russia, UK, UAE and Bahrain. His last position was retail bank head for Asia-Pacific and EMEA - a role he had held from 2015. 

In a media statement, Francisco Aristeguieta, CEO Asia-Pacific, said: "We are extremely well positioned in Asia in terms of talent, execution, value propositions and client experience to continue driving sustainable client-led growth. Gonzalo will ensure continuity and deliver strong leadership as we accelerate the transformation of our business model, continue to drive digitisation and build further scale through partnerships and ecosystems to be the best for our clients."

Citi’s consumer banking business in Asia and EMEA has reported eight consecutive quarters of growth. In the first six months of 2018, it reported revenues that rose 7 per cent to US$3.8 billion and net income that grew 27 per cent to US$733 million. Asia and EMEA account for 27 per cent of Citi’s global consumer banking profit, and 22 per cent of revenues for the segment globally.

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