Citigroup Inc has hired the Hong Kong-based Jonathan Larsen to the global head of retail banking as the Chief Executive Officer Vikram Pandit pushed deeper into Asia for the revenue growth, the news reports said.
Mr. Larsen will be keeping his position as the head of consumer banking for the Asia Pacific region.
The 55-year old CEO and the global Consumer-Banking Chief Manuel Medina-Mora are looking to increase the profit by increasing the lending in Latin America and Asia.
The third-largest U.S.-based lender said its average loans to consumers outside the U.S. rose 23% to $136 billion in the two years ended March 31, the bank said in the quarterly review.
Medina Mora said, “Jonathan and the retail-banking unit will work to develop global platforms that enable effective, efficient and universal execution.” Mora also said, “The success of our consumer and commercial banking business will be based on our ability to execute on our strategy to harness the power of one global business and operating model.”
Mr. Larsen joined Citigroup in the year 1998 and became the head of Asia Pacific consumer banking in 2009.
The profit at the Asian consumer bank unit rose 11% to $503 million in the first quarter from a year earlier.
Over the next 2-3 years, Citigroup plans to invest $3 to $4 billion in consumer banking in the emerging markets, states Medina Mora.
Citigroup Inc is the American multinational financial services company based in Manhattan, New York in the U.S. The company was formed from the world’s largest mergers in the history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998.