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Corporate veteran to build on good start to bank's bold wealth management goals
SINGAPORE, Feb. 23, 2023 /PRNewswire/ -- Citi has named Matt Read as Citibank Singapore's Retail Banking Head, effective April 17. Matt will lead the Singapore retail banking franchise, one of the global bank's largest and most innovative businesses.
Matt will be part of the Senior Management Group for Citibank Singapore, reporting into Brendan Carney, Chief Executive Officer of Citibank Singapore, and Shyam Sambamurthy, International Head of Citigold and Citigold Private Client (CPC).
Commenting on the appointment, Brendan said: "We have made a great start to the bank's refreshed strategy to grow our wealth management business. Matt's familiarity with Singapore and Citi's Singapore business and his senior management experience across multiple international financial institutions including Citi, make him the right leader to build on our existing success and accelerate our progress."
Shyam added: "Asia is a key contributor to the Citi Global Wealth business and the region is critical to the firm's aspirations to be a global leader in wealth management. Singapore is one of four of Citi's global wealth hubs, and with Matt's leadership, we will continue to grow and extend our market presence here."
As a top-three wealth manager in Asia, Citi aims to extend its leadership across Singapore and Hong Kong by adding US$150 billion in assets under management (AUM) by 2025. Its overall goal in Singapore is to triple AUM and increase wealth clients by 2.5 times by 2025.
Singapore has made a strong start towards these goals, with a Compound Annual Growth Rate (CAGR) of 45 per cent in new Citigold plus CPC clients since 2020. It also saw a similar surge in Net New Money since 2020 on the back of rigorous client engagement and competitive deposit promotions.
Singapore is significant to Citi's global retail growth strategy, and Matt will lead Citi's talented local team to deliver on the bank's ambitions in wealth management. He joined Citi in 2017 as Head of Sales & Distribution for 17 markets across Asia Pacific & EMEA, overseeing sales productivity across Citi Priority, Citigold & CPC segments. He has also been responsible for managing the digitisation and transformation of Citi's branch network.
Matt has held senior roles in Sales & Distribution, Operations and Compliance, with significant country leadership experience in blue chip companies such as ANZ and GE Capital. He joined Citibank from ANZ, where he was Head of Wealth Distribution & Branch Network (Asia Pacific) having accountability for the Affluent Banking & Private Wealth segments.
Matt has lived in Singapore for 17 years and is a Permanent Resident. He has also lived and worked in Thailand, Indonesia and Australia. He holds a Bachelor of Commerce degree and a Master of Business Administration from the University of Melbourne in Australia.
About Citi:
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
About Citi Global Wealth:
Citi Global Wealth is an integrated wealth management platform that delivers a total wealth solution to clients across the wealth continuum. Citi Global Wealth serves ultra-high-net-worth individuals and family offices through Citi Private Bank, operates in the affluent and high-net worth segments through Citigold® and Citigold Private Client, captures wealth management in the workplace through Global Wealth at Work and provides premium banking and lending service for clients of RIAs through Citi Alliance. Citi Global Wealth provides clients with a leading investment strategies platform, which delivers traditional and alternative investments, managed account strategies, best-in-class research and investment guidance for all clients.
