Valderrabano promotion signals Citi’s global wealth intent
By making Valentin Valderrabano COO of Citi Global Wealth, the US bank demonstrates its willingness to think outside the box when promoting from within.
Citi has appointed Valentin Valderrabano chief operating officer of Citi Global Wealth (CGW), with a remit to transform the wealth-management division into a truly global client-facing body serving everyone from mass-affluents to the mega-high-net-worth.
Valderrabano was most recently consumer business manager for Citibank Korea, where he oversaw a renewed push into domestic wealth management and the phased shutdown of onshore retail operations as part of Citi’s wider Asia revamp. He will move to New York from Seoul in July, with Korea head of retail banking Ji-Kang Kim stepping into his role.
“As COO, Valentin will partner closely with me to run the day-to-day operation of the business,” Jim O’Donnell, chief executive of CGW at Citi, said in a statement.
Valderrabano will, in turn, replace Eduardo Martinez Campos, who will take the helm at Citi Wealth Services and Strategic Investments.
CGW is a $7.5 billion global wealth business with $800 billion in client assets, 3,000 relationship managers and 500,000 clients, posting an average return on tangible equity during the past five years of 20%. It aims to boost assets under management in its Asia wealth management business to $450 billion by 2025.