Published April 23, 2009

Going places in Citi private banking

Deepak Sharma moves up as global operations chairman

By VEN SREENIVASAN

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(SINGAPORE) In a move which places Singapore at Citigroup's epicentre for private banking, its Singapore-based wealth management boss Deepak Sharma has been promoted as the chairman of Citi Private Bank's global operations.

Mr Sharma: His 32-year career at Citi has spanned different functional and geographical areas, including management positions in operations and technology

This includes overseeing Citi's US operations in addition to his current responsibility for Europe, Middle East and Africa; Latin America and the Asia-Pacific.

Mr Sharma previously oversaw all of Citi's private banking business outside the US as its CEO of Singapore-based Citi Global Wealth Management International. He remains a member of Citi's Senior Leadership Committee.

The move not only shifts Mr Sharma to the apex of the American bank's global private banking business, but also elevates the status of Singapore as a key global hub for private banking.

Mr Sharma will report to New York-based John Havens, the chairman and CEO of institutional clients group.

Meanwhile, London-based Jane Fraser has been named CEO of Citi Private Bank, also reporting to Mr Havens.

'I am very pleased to have Jane Fraser as CEO of the private bank and as a business partner, as we continue to build this global franchise,' Mr Sharma said.

'The volatility in markets in recent times has raised the ante on quality advice and solutions that are driven by intellectual insights. We aim to continue building on our intellectual platform so as to extend our status as the preferred wealth management partner of our clients.'

Mr Sharma's 32-year career at Citi has spanned different functional and geographical areas, including management positions in operations and technology, treasury, strategic planning, electronic banking, Citi Private Bank, and investment management and in India, Korea, Saudi Arabia, the US and Switzerland.

He received his graduate degree in chemistry and his MBA from the Indian Institute of Management, Ahmedabad.

In a note to all employees, Mr Havens said that Ms Fraser's 'invaluable strategic and business management prowess' would be a terrific complement to Mr Sharma's senior leadership of the bank's wealth management business'.

Citi Private Bank was ranked the best private bank in the US and Latin America, and No 2 in the Asia-Pacific by Euromoney magazine in February.

It has about 3,000 employees across 33 countries, and serves 26,000 high net worth individuals and families, each with net worth exceeding US$10 million - a third of the Forbes list of billionaires.

As at 1Q 2009, total assets under management by Citi Private bank globally was US$225 billion.

In 2008, Citi Private Bank posted US$2.365 billion in revenue and US$350 million in net income.

Mr Sharma will continue to be based in Singapore, Mr Havens said in his memo.