Citi chases renminbi market share with new appointment

Citi has appointed Shiming Tan as renminbi product manager, as part of the bank’s effort to become a top-tier provider in the Chinese currency market.

Tan will be responsible for Citi’s renminbi initiatives and will liaise on the bank’s behalf with the relevant regulators for products, services and initiatives related to the internationalisation of the renminbi.

He will relocate from Shanghai to Hong Kong and report to Nadir Mahmud, Asia head of global markets, and Amol Gupte, head of Citi’s transaction services, known as CTS, for the Asia-Pacific region.

Both Mahmud and Gupte were promoted to their current positions this year. Gupte, previously head of treasury and trade solutions for North America, was appointed in April, while Mahmud, former Asia head of foreign exchange, took up his new position in February.

In this new role, Tan will oversee and coordinate the development of renminbi products and services, and map out a growth plan that increases Citi’s market share globally while ensuring efficient use of capital and balance sheet.

Tan is currently the China head of new markets products, working with regulatory agencies in helping them to develop financial market products and ensuring Citi is among the first to be licensed when new products are approved.

Tan joined Citi in April 2011 from Barclays, where he was responsible for interacting with Chinese regulators to develop its onshore business as well as structuring China-related credit transactions. Prior to Barclays, Tan was a director of the global structured credit group at UBS.