Citigroup said on Wednesday it had promoted the head of its wealth and retail banking business in Singapore to a newly created role overseeing its Citigold Private Client business focused on retail high-net-worth clients in Asia, Europe, Middle East and Africa. San San Chan, head of wealth management and its client segments strategy, as well as acting retail banking head for Citi Singapore, will take the new role on October 1. She will report to Fabio Fontainha, Citi’s head of retail banking for Asia-Pacific and Europe, Middle East and Africa (EMEA). She has been with the bank since 2003. “Asia-Pacific remains one of the fastest-growing wealth regions globally, presenting opportunities for Citi to further support both existing and new clients,” Fontainha said. “The newly created [Citigold Private Client] business head position underlines the strategic focus for Citi across this important retail wealth management segment.” As Citigold business head for Asia-Pacific and EMEA, Chan will be responsible for driving regional sales and advisory strategies for the segment, which caters to customers with US$1 million to US$10 million in investible assets and is available in 11 markets in Asia. The Asian business is the fastest-growing among Citigold’s operations globally and high-net-worth clients are an important segment for Citi’s wealth management business globally, the bank said. Citi is targeting a 10 per cent increase in wealth management clients and assets this year. The appointment comes as banks are increasingly making a big bet on wealth management as they seek to tap growing incomes in Asia and other emerging markets. This week, HSBC said it would add up to 3,000 wealth planners in China in the next four years as part of a wealth management push in the mainland. The hiring push comes as HSBC plans to cut 35,000 jobs globally and shift capital to growth markets in Asia as part of a restructuring under chief executive Noel Quinn. Foreign wealth managers are looking to take advantage of regulatory changes in China that have further opened up the mainland financial services sector and led to a rash of acquisitions of controlling stakes by foreign companies in asset management, insurance and securities joint ventures, including deals involving JPMorgan Chase and Credit Suisse . A new Wealth Management Connect pilot scheme also is expected to fuel wealth management growth in the Greater Bay Area in the coming year as it will allow Hong Kong and Macau residents to buy onshore wealth management products sold by Chinese banks, while mainland residents in the region will be able to invest in products sold by Hong Kong and Macau’s banks. Last year, PwC forecast assets under management for asset and wealth management businesses in the Asia-Pacific region will top US$29.6 trillion in 2025, nearly double the amount in 2017 and outpacing growth in Europe and North America. In addition to Chan’s appointment, Citi named Ashmita Acharya as head of retail banking for Citi Singapore effective October 1. Acharya is Asia-Pacific and EMEA head for its client segments strategy, which includes Citibanking, Citi Priority, Citigold and Citigold Private Client businesses. She has been with the bank since 2002. Citi is seeking to double its wealth management clients in Singapore by 2025.