Head of HK unit retiring in April after 27 years with the bank
Chan Tze-ching, the head of Citigroup's Hong Kong operations, has resigned and will leave at the end of April after spending 27 years at the world's largest banking group.
His retirement was announced on Friday by Robert Morse, chief executive of Citigroup's corporate and investment banking in the Asia-Pacific, who said in an internal memo to management that Mr Chan hoped to pursue other interests, according to sources.
'We don't expect any significant impact on the Hong Kong operation as it is well established and has been doing very well for the past few years,' a bank spokesman said.
Mr Chan was not joining a rival, the spokesman added. Sources said Mr Chan, better known as T.C. Chan rather than by his Christian name of Ignatius, told his staff privately that as the bank's businesses had been well established, he should spend more time with his family and help those who were in need.
Mr Chan, 50, and married with two daughters, is Citigroup's Hong Kong country officer and head of the Greater China corporate and investment banking unit.