(Yicai) June 3 -- Citigroup has appointed Zhang Wenjie, who has 30 years of experience in the corporate and institutional banking sector, as president of the US investment bank's Chinese arm.

Zhang was also named chief executive and executive director of Citibank China, with the appointment subject to regulatory approval, Citigroup announced yesterday. He will succeed Lu Xuan, who stepped down as president, CEO, and director for personal reasons last November after serving for less than a year.

A seasoned banker, Zhang most recently served as China president and Shanghai branch manager for Bank of America China. He was previously the co-head of global banking and markets and vice president of HSBC Holdings' Chinese arm after stints at JPMorgan Chase, Citibank, and Crédit Agricole Group.

Zhang will be based in Shanghai and report to Marc Luet, head of Japan, Asia North, and Australia cluster and banking at Citigroup.

"China is one of the largest markets for Citi globally," Luet said. "Wenjie's depth and breadth of experience and on-ground expertise and knowledge will enhance our growth in this important market as we continue to support our clients' cross-border banking needs."

In April 2021, Citigroup announced the sale of its consumer banking operations in 14 markets worldwide, including its relevant business in the Chinese mainland to HSBC, ending its consumer credit card business in China in May last year.

However, Citigroup's corporate banking business in China remains unaffected, assisting Chinese firms in raising approximately USD20 billion in overseas markets last year, including equity and bonds, covering companies across various industries and financial institutions.

Editor: Martin Kadiev