Citi has combined its Japan and Asia North & Australia clusters to create a new Japan, Asia North and Australia cluster, according to a May 9 media release.
The new cluster includes the bank's operations across Australia, China, Hong Kong, Japan, Macau, New Zealand, South Korea and Taiwan. Citi's Asia North & Australia cluster and banking head Marc Luet, who started the role on April 1, 2024, will oversee the new integrated cluster.
Luet, who is in the process of relocating from Tokyo to Hong Kong, will also continue to serve as Citi country officer and banking head for Japan until a successor is named.
“Our combined Japan, Asia North and Australia cluster benefits from strengthened connectivity across some of our highest priority markets. As a result, we’ll be better positioned to help clients leverage the fast-growing investment and trade flows both within this cluster and globally,” said Ernesto Torres Cantú, Citi’s head of international, in the statement.
Cantú added: “With a more distributed management and support structure across markets, we are poised to accelerate progress towards our vision of being the preeminent banking partner for companies and individuals with cross-border needs.”
Luet said: “Japan is an important market for local corporates, multinationals and global investors, and one of our top markets globally. The markets in this cluster will benefit from the stronger synergies with Japan, and vice versa.”
