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Citi Appoints Ida Liu as New Global Head of Private Banking, Exit 13 Markets

16th April 2021 | Hong Kong

Citi, one of the world’s largest bank and often referred to as Citibank, has made numerous key announcements including appointing Ida Liu as the new Global Head of Private Banking (Citi Private Bank), Steven Lo and Fabio Fontainha as the new co-Heads of Citi Global Wealth in Asia-Pacific and to exit 13 markets for Citi’s consumer businesses across Asia, Europe, Middle East and Africa (EMEA).

” Citi Appoints Ida Liu as New Global Head of Private Banking, Exit 13 Markets “


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Over the last 1 year, Citi has been making numerous key changes.  In March 2021, Citi appointed Jane Fraser as the new CEO and in January 2021, created a single business unit – Citi Global Wealth, to manage all global wealth units, including Citi Private Bank.  In June 2020, Citi had also created Citi Private Capital Group to provide institutional service to private investment companies and family offices.

  • March 2021 – Appointment of new CEO Jane Fraser
  • January 2021 – Citi Global Wealth, merging Citi Private Bank
  • June 2020 – Created Citi Private Capital Group

Citi Private Bank & Wealth Leadership Ida Liu, Steven Lo and Fabio Fontainha in APAC

New York City, United States

Before assuming the role of Citi Global Head of Private Bank, Ida Liu was the Head of Citi Private Bank in North America (US & Canada).  Ida had joined Citi Private Bank 14 years ago in 2007 to create the Fashion, Media & Entertainment Group.  She then launched and led the North America Asian Clients Group, and subsequently became the Global Market Manager for New York.

In Asia-Pacific, Steven Lo and Fabio Fontainha have also been appointed as the new co-Head of Citi Global Wealth.  Steven Lo is the current Regional Head of Citi Private Bank APAC and Fabio Fontainha is the Head of Retail Banking for APAC and EMEA.


Citi to Exit 13 Markets for Consumer Businesses

Sydney Australia

Citi has also announced plans to exit 13 retail markets (consumer business) and to focus on 4 key main hubs – London, UAE, Hong Kong and Singapore.

The 13 markets Citi will be exiting across Asia, Europe, Middle East and Africa (EMEA).  The 13 countries are Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

In Asia-Pacific, Citi will no longer have consumer businesses in 10 markets.  The 10 markets are China, India, Indonesia, South Korea, Malaysia, the Philippines, Taiwan, Thailand, Vietnam and Australia.

Citi will continue to offer products in those markets to customers of its institutional clients group, which houses the private bank, cash management arm and investment banking and trading businesses.


Citi CEO, Jane Fraser

” While the other 13 markets have excellent businesses, we don’t have the scale we need to compete. We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia. ”


Citi Wealth Hub

Citi Wealth Hub, Singapore

Citi has been focusing on its Wealth Hub – London, UAE, Hong Kong and Singapore.  In December 2020, Citi launched Citi Wealth Hub in Singapore.

In Hong Kong, Citi announced plans to hire up to 500 people, including 300 Relationship managers over the next 5 years, to triple number of clients and double AUM (Assets under Management) by 2025 in Hong Kong.


Citi Hong Kong Chief Executive and Consumer Business Manager Lawrence Lam:

“With various Greater Bay Area initiatives, such as Wealth Management Connect on the horizon, the opportunities are strong for further client-led growth in Hong Kong wealth management”


Citi Private Bank

The World of Billionaires

Citi’s Private Bank serves the world’s wealthiest individuals, families and law firms.  Citi Private Bank has around $550 billion AUM (Assets under Management), serving more than 13,000 UHNW clients, including 25% of the world’s billionaires and more than 1,400 family offices across 50 cities in over 100 countries.

Citi Private Bank focuses on clients who have an average net worth above $100 million, with clients gaining access to a highly customized experience and a comprehensive range of products and services including investments, banking, lending, custody, wealth planning, real estate, art, aircraft finance and lending, personalized advice, competitive pricing and efficient execution.


Citigold, Citigold Private Client and Citi Priority

Citi Global Consumer Bank, with Citigold, Citigold Private Client and Citi Priority, provides institutional grade, personalized wealth management services to clients, which includes dedicated Wealth teams, fund access and a range of exclusive privileges, preferred pricing and benefits to clients around the globe.

Citi’s Global Consumer Bank has approximately $200 billion in AUM (Assets under Management) globally and serves clients in the United States, Europe, the Middle East, Asia and Mexico.


Recent Citi News

List of Private Banks



Introduction of Ida Liu as Global Head of Private Bank on 14/4/21

Head of Citi Global Wealth, Jim O’Donnell:
[ We created Citi Global Wealth earlier this year with a clear mission: to be the very best for all of Citi’s wealth clients throughout the world. We believe that together, the Private Bank and our other wealth businesses make an even more powerful force.

Citi Global Wealth combines an unrivaled global network, access to Citi’s institutional resources, and, above all, our incredible people. And by investing even more in our technology and our talent, we believe we can be better still.

But while we’re stronger together, we’re also determined to retain and build upon those things that we know you value most. These include the Private Bank’s distinctive brand, its close partnership with Citi’s institutional organization, and its unique community of clients.

To reinforce this, I am delighted to inform you that Ida Liu will be our new Global Head of Private Banking.

Many of you already know Ida well from her outstanding leadership of the Private Bank in North America over the last two years. Ida originally joined the Private Bank in 2007 to create our Fashion, Media & Entertainment Group. She subsequently launched and led our North America Asian Clients Group and then became Global Market Manager for New York.

Throughout the last fourteen years, Ida has served our clients’ needs with total dedication and she has a proven track record of excellence. She and I will work closely together, and she will join our Citi Global Wealth Leadership Team.

I am absolutely thrilled to have Ida leading our Private Bank. I know she will do a fantastic job in delivering the full benefits of Citi Global Wealth to our Private Bank’s clients.

With warm regards,

Jim O’Donnell
Head of Citi Global Wealth ]


Ida Liu Message on Appointment on 14/4/21

Head of Citi Global Private Banking, Ida Liu:
[ I am incredibly honored to be named Global Head of Private Banking. Serving you, our clients, has been the driving passion of my career. As part of Citi Global Wealth, I am confident we will continue to deliver for you and your families for generations to come.

The past year has been a time like no other, and I could not be prouder of the resilience and dedication of our teams around the world in the face of unprecedented challenges. I am extremely excited about the opportunities ahead.

My goal as Global Head of Private Banking is to ensure you and your needs are at the heart of what we do. I will prioritize your experience at every step.  As part of Citi Global Wealth, we will accelerate our digital transformation, while emphasizing the highly personalized service that I know you all value.

Many of you have increasingly sophisticated and global wealth needs. The Private Bank will continue to work in close partnership with Citi’s institutional businesses to provide you, your family and your businesses with access to best-in-class global services.

I will ensure that the Private Bank continues to promote the values of global citizenship that you all embody. The contribution you make to your communities and to society is something that we proudly celebrate, as in our latest short film.

Over the last fourteen years at Citi Private Bank, I have had the privilege of getting to know many of you. I look forward to meeting many more of you for the first time, particularly once we can hold in-person events around the world again. Hearing directly about your experiences, your visions of the future and how we can help you realize them is vital to me.

I would like to thank you personally for choosing the Private Bank as your trusted partner.

Warmest regards,

Ida Liu
Global Head of Private Banking
Citi Global Wealth ]



Founded in 1812, Citigroup is one of the world’s largest bank with more than 200 million customer accounts and around 200,000 employees in more than 160 countries and jurisdictions.  It is listed on the New York Stock Exchange (NYSE) and has a market capitalization of $124.2 billion (15/12/20).  In 2019, Citigroup reported total revenue of $74.2 billion and net profit of $19.4 billion.

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