Citibank China's president, Landy Li, has resigned less than a year into his role, and the bank is now looking for a replacement.
AInvestFriday, Nov 1, 2024 5:50 am ET
1min read
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South Financial News reporter Wu Shuang Shanghai reporting

On November 1, the reporter learned that Citic China's president Lu Xuan had resigned for personal reasons and would soon leave his post. Citic China said it had started to select his successor.

Moreover, during the transition period, Citic's current Hong Kong and Macau chief executive and head of banking business Sinopac and Citic China's deputy chief executive and head of treasury and trade finance Yang Changhao will respectively serve as acting president of Citic China and acting chief executive of Citic Bank (China) Co., Ltd., while continuing to perform their original duties.

Until today, Lu Xuan has served as president of Citic China for less than a year. On January 31 this year, Citic announced the appointment of Lu Xuan as president of Citic China, and also as chief executive of Citic Bank (China) Co., Ltd.

Lu Xuan is a veteran of Citic and has 25 years of banking experience in Hong Kong and mainland China. He joined Citic in Shanghai in 2002 and held important positions in corporate banking and commercial banking. He served as the head of Citic's Tianjin branch and Citic's Shanghai branch before being promoted to president.

In June this year, Citic announced that it had completed the sale and transfer of its personal retail wealth management business in mainland China to HSBC, including its 300 employees who would transfer to HSBC China. In July, Lu Xuan said in an exclusive interview that one of the most important tasks at present is to achieve the smooth transfer of personal customer businesses through good business transfer. At the same time, it gradually focuses on the provision of financial services to institutional and corporate customers.

He also reiterated Citic's in-China strategy. He said that institutional and corporate customer businesses have always been Citic's main businesses, and Citic's clients are mainly large multinational enterprises and institutions, with a full range of clients. Citic's unique global network advantages are very matched with their development requirements. At present, the wave of Chinese enterprises going abroad is constantly surging, and their needs have become more diversified and complex in the complex and changeable market environment. Providing more flexible and efficient services for Chinese enterprises in cross-border financial services is the goal that Citic is striving to achieve.

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