Citi names new Asia management structure

Friday, 10 February 2012 00:00 - - {{hitsCtrl.values.hits}}

HONG KONG (Reuters): Citigroup Inc’s Asia-Pacific chief executive announced a new management structure on Wednesday, with the region’s markets head, Rodrigo Zorrilla, promoted to Chief Operating Officer.

Citi’s Singapore Chief Executive Michael Zink was made head of the newly created ASEAN regional grouping, which includes Guam, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

The region’s head of global transaction services, Anthony Nappi, was named Chief Administrative Officer, also a new position, according to a memo seen by Reuters. Nappi’s replacement was not announced.

Replacing Zorrilla as head of Asia-Pacific markets is Nadir Mahmud, currently head of foreign and local market sales.

A spokesman at Citi confirmed the contents of the memo.

“This structure creates clear leadership accountability and enhances communication and alignment against Citi’s global priorities in a region that is core to Citi,” the bank said in a statement.

The move comes just over a month after Shirish Apte became Co-Chairman of Asia-Pacific banking, leaving Stephen Bird the sole Chief Executive for the region.

Asia-Pacific generated more than a third of the bank’s global profit in 2011, with revenue in the region up 5 percent in 2011 to $15.2 billion.

On Monday, Citi became the first non-Asian bank to receive regulatory approval to issue credit cards in China.