Three executives were approved on the same day, and Citigroup China's management team has completed a "reshuffle."

On July 23, the Shanghai Financial Regulatory Bureau issued three approvals, confirming the qualifications of Xin Baolian as the chairman of Citibank (China) (hereinafter referred to as "Citibank China") and the qualifications of Lin Hai and Jing Wei as vice presidents;

In addition, with the recent approval of the new president Zhang Wenjie in mid-July, Citibank China has officially established its core management team with Xin Baolian as chairman and Zhang Wenjie as president.

According to his resume, Xin Baolian, who has been appointed chairman of Citibank China, has nearly 30 years of banking experience, having worked at UBS for 14 years before joining Citigroup in 2019, where he held positions such as Chief Compliance Officer for the Asia-Pacific region, CEO of Citibank Hong Kong and Macau, and head of banking operations.

Before his chairman qualifications were approved, Xin Baolian had already served as the acting president of Citibank China, and in early June, he sent a notification email to employees regarding layoffs at the technology center in that capacity.

The newly appointed president Zhang Wenjie, who joined in mid-July, comes from outside the Citigroup system.

Before joining Citibank, Zhang Wenjie served as the Executive President for Bank of America in China and the President of its Shanghai branch, and held positions such as Vice President of HSBC China and Co-Head of Global Banking in China, as well as working at JP Morgan and Crédit Agricole.

Zhang Wenjie is now the new legal representative of Citibank China.

Since 2024, Citibank China has faced continuous challenges, having completed the transfer of its personal wealth management business in mainland China with HSBC China in June, retaining only corporate business in the mainland market, focusing on serving the cross-border needs of corporate and institutional clients.

In November of the same year, Lu Xuan, the president of Citibank China who had been in office for less than a year, resigned for personal reasons, and Xin Baolian along with Citibank China's vice president Yang Changhao temporarily took on the roles of president and chairman.

In June of this year, Citigroup announced the streamlining of its global technology solution centers located in Shanghai and Dalian, reducing approximately 3,500 technical staff, while retaining the technology center in Guangzhou.

At that time, it was learned that the technology centers being reduced by Citibank in China may be relocated to India.

With the current restructuring of the core management team, Citibank China may enter a new phase.

Long Mingrui, President of Citibank Japan, North Asia, and Australia, stated earlier this year that Citibank will continue to serve corporate and institutional clients in China, addressing their cross-border banking needs, and revealed that Citibank will continue to seek to establish a wholly-owned securities and futures company in China.

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