There has been another change in the senior management of foreign banks, as Citigroup President Lu Xuan will step down
The president of Citibank (China) Co., Ltd., Lu Xuan, has resigned for personal reasons, and the selection process for his successor has begun. Lu Xuan served for less than a year and was responsible for business development and operations management at Citibank China. During the transition period, Xin Baolian and Yang Changhao will serve as acting president and acting chairman, respectively. Citibank is undergoing a global business transformation and has announced a gradual exit from personal banking services in mainland China
According to industry news, Citigroup's subsidiary in China—Citibank China—has seen its president and CEO of Citibank (China) Limited, Lu Xuan, resign.
A relevant person in charge at Citibank China responded that President Lu Xuan has resigned for personal reasons and will soon leave, expressing gratitude for Lu Xuan's contributions to the development of Citibank China's institutional business. Meanwhile, Citibank has begun the process of selecting his successor.
During the transition period, the current CEO of Citigroup Hong Kong and Macau, and head of banking operations, Xin Baolian, along with Yang Changhao, vice president of Citibank (China) Limited and head of Citibank China's treasury and trade solutions department, will respectively serve as acting president of Citibank China and acting president of Citibank (China) Limited, while continuing to fulfill their original responsibilities.
Less than a Year in Office
Lu Xuan has not yet served a full year as president of Citibank China.
According to the announcement, Lu Xuan took office as president of Citibank China on January 31 of this year, fully responsible for the business development and operational management of Citibank China. Lu Xuan also concurrently held the positions of president and director of Citibank (China) Limited.
Information shows that Lu Xuan is a "veteran" at Citibank, with 25 years of banking experience in Hong Kong and mainland China. He joined Citibank in Shanghai in 2002 and held important positions in the corporate banking and commercial banking departments. He later served as the president of Citibank's Tianjin and Shanghai branches.
Earlier this year, Lu Xuan succeeded the retired Lin Yuhua to become the new president of Citibank China. Lu Xuan reported to Wu Yanyi, president of Citibank North Asia and Australia. Wu Yanyi had stated that Lu Xuan excelled in driving business growth, providing quality customer service, and understanding the Chinese market, believing that Lu Xuan was fully capable of taking on the leadership role in this important market.
Countdown to "Exit" from Personal Banking in China
In recent years, Citibank has been undergoing business transformation and adjustments globally.
In April 2021, Citibank announced a strategic adjustment and transformation of its global personal banking business, exiting personal banking in 14 markets across Asia, Europe, the Middle East, and Africa, including the mainland China market.
In December 2022, Citibank announced it would gradually close its personal banking business in mainland China. Citibank emphasized that this business adjustment does not involve corporate and institutional client services and reiterated its commitment to continue developing its corporate and institutional client business in mainland China.
In May 2024, Citibank announced that its personal banking business outlets would cease operations starting June 8, 2024, affecting a total of 15 outlets, including the personal banking outlet of the Shanghai branch.
In June 2024, Citibank announced it had completed the sale and transfer of its personal retail wealth management business in mainland China to HSBC, with over 300 employees also transferred to HSBC China. Citibank and HSBC announced this transaction in October 2023