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Citi Appoints Matt Read as Singapore Retail Banking Head Including Leading Citigold & Citigold Private Clients, Top 3 Wealth Managers in Asia & Target Increase of $150 Billion AUM by 2025
23rd February 2023 | Singapore
Citi, one of the world’s largest bank, has appointed Citi Head of Sales & Distribution Asia Pacific & EMEA (Europe, the Middle East, and Africa) Matt Read as Citi Singapore Retail Banking Head to lead the Citi banking franchise in Singapore including leading Citigold & Citigold Private Clients. Citi is one of the top 3 Wealth Managers in Asia, and had set a target to increase Assets under Management (AUM) of $150 billion by 2025. Matt Read as Citi Singapore new Retail Banking Head will be part of the Senior Management Group for Citibank Singapore, and report to both Brendan Carney, (Citi Singapore CEO), and Shyam Sambamurthy (Citi International Head of Citigold and Citigold Private Client). Citi: “As a top-three wealth manager in Asia, Citi aims to extend its leadership across Singapore and Hong Kong by adding $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 Citigold Private Client 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.”
“ Citi Appoints Matt Read as Singapore Retail Banking Head Including Leading Citigold & Citigold Private Clients, Top 3 Wealth Managers in Asia & Target Increase of $150 Billion AUM by 2025 “
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Brendan Carney, Citi Singapore CEO: “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 Sambamurthy, Citi International Head of Citigold and Citigold Private Client: “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.”
Citi Appoints Matt Read as Singapore Retail Banking Head Including Leading Citigold & Citigold Private Clients, Top 3 Wealth Managers in Asia & Target Increase of $150 Billion AUM by 2025
Matt Read, Citi Singapore Retail Banking Head
Citi: Matt Read 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.
Citi – Top 3 Wealth Managers in Asia, Target to increase AUM of $150 Billion by 2025
Citi: As a top-three wealth manager in Asia, Citi aims to extend its leadership across Singapore and Hong Kong by adding $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 Citigold Private Client 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.
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.
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.
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