Citigroup said to name Christine Lam as China CEO, replacing Au

[BEIJING] Citigroup Inc appointed Christine Lam as its China chief executive officer, according to people with knowledge of the matter.

Ms Lam, most recently Citigroup's head of operations and technology for Asia, replaces Andrew Au, who is retiring, the people said, asking not to be identified ahead of a public announcement that could come this week. A Citigroup representative declined to comment.

Ms Lam is a more than 30-year veteran of the bank. Mr Au became China head in 2008 after previously serving as regional head of the firm's global commercial bank.

Citigroup's China operation had 157.6 billion yuan (S$32.85 billion) of assets in China at the end of 2014 and made a profit of 1.6 billion yuan, according to its annual report.

BLOOMBERG