Citigroup names new China CEO

CITIGROUP Inc., the world's largest financial services group, replaced Catherine Weir as its top official in China with Richard Stanley, reversing a management reorganization made six months ago.

Citigroup was targeting China as a key growth market and the new position would responsible for managing mainland expansion in the coming years, Citigroup's Asia Pacific CEO Robert Morse said in an internal memo sent to employees Monday.

Stanley is returning to China in a new role as chief executive after he stepped down as country officer in June. Weir, named country corporate officer for Hong Kong and the Chinese mainland at that time, replaces Stanley as head of global corporate investment banking in southeast Asia, according to the memo, the contents of which were confirmed by spokesman Richard Tesvich.

Citigroup owns a 4.6 percent stake in Shanghai Pudong Development Bank Co. and offers credit cards with its local partner.

Source: Shenzhen Daily-Agencies