New head of corporate banking, Australia and New Zealand at Citi
(8 June 2017 – Australia) Citi has announced the appointment of Stella Choe as its head of corporate banking for Australia and New Zealand.
In her new role, effective immediately, Choe will report locally to Australian and New Zealand investment and corporate banking chief Tony Osmond and regionally to Gerry Keefe, who leads the investment bank’s corporate unit for Asia Pacific.
Choe will in her continue to lead the corporate bank’s financial institutions group.
Prior to joining Citi in 2014, Choe had senior roles with HSBC, Morgan Stanley and JPMorgan in Asia, Europe, and the United States.
Choe will be taking over the position from Shane Taylor, who will retire, an internal memo to staff states.
Citi said corporate banking remained an important part of its strategy to grow its market position, revenues and client base throughout the region. According to East & Partners’ Australian Corporate Transaction Banking Report, Citi (7.7 percent), along with international rival HSBC (9.3 percent) are experiencing highest year-on-year growth among Australian corporate businesses as Best-Perceived “Best Stand Out Transaction Bank” across all products and services.
The bank however continues a trend of struggling to secure customer wallet share across several product categories including “Account Services and Cash Management” and “Payment Processing”, all of which it recorded below the market average.
It comes as the bank is believed to be eager to expand in the corporate banking market area, extending its lending and transactional banking functions to clients.
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