Citigroup appoints new Asia Pacific wealth boss

Citigroup Inc. announced on Tuesday that Angel Ng will lead its Asia Pacific global wealth management business.

Ng, who is presently Citigroup's Hong Kong CEO, will be in charge of Citi's wealth management business in Singapore and Hong Kong, as well as the personal banking divisions in both cities.

Fabio Fontainha and Steven Lo, the previous co-heads of Citi's Asia Pacific wealth unit, have both moved on to new positions within the company.

According to a release, wealth management in Asia Pacific generated $2.5 billion in revenue in 2021, and Citi plans to increase client assets in that area by $150 billion by 2025.

Citi also stated that by 2025, it intends to hire 2,300 more employees.