By Sherry Qin


Citigroup has named Luke Lu as new country officer and head of banking for China amid an ongoing global restructuring to streamline operations.

Lu will oversee the bank's Chinese businesses and maintain client relationships and regulatory commitments in the country, the U.S. lender said Wednesday.

He will succeed Christine Lam, who is retiring from Citi. Lu will also assume the position of president and board director of Citibank (China).

Lu previously led Citi's corporate banking coverage of large local corporate clients.

In October, Citi said it would sell its China consumer wealth portfolio, worth approximately $3.6 billion, to HSBC Bank China, as it aims to devote resources to wealth management and corporate customers in a strategic shift.

"The China market is a strategic priority for Citi, where we have a market-leading banking business that we are committed to," said Angel Ng, Citi's cluster head of North Asia and Australia.

In November, the U.S. bank named Jan Metzger, former Asia head of banking, capital markets and advisory, to lead its investment banking franchise in its North Asia & Australia and South Asia clusters.

Meanwhile, Gunjan Kalra will continue to lead commercial banking in North Asia & Australia and South Asia. Kaleem Rizvi will head corporate banking for North Asia & Australia, while K. Balasubramanian will do the same for South Asia.


Write to Sherry Qin at sherry.qin@wsj.com


(END) Dow Jones Newswires

01-31-24 0034ET