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January 7, 2005 06:05 PM

Citigroup Reverses Shift of Executives in China


Excerpt: Citigroup has replaced Catherine Weir, its top official in China, with Richard Stanley, reversing a management reorganization made six months ago.

   

Citigroup has replaced Catherine Weir, its top official in China, with Richard Stanley, reversing a management reorganization made six months ago.

Mr. Stanley is returning to China in a new role as chief executive of operations there, after stepping down as country officer in June. Ms. Weir, who was named country corporate officer for Hong Kong and China at that time, succeeds Mr. Stanley as head of global corporate investment banking in Southeast Asia, according to a memo; the contents of the memo were confirmed by a company spokesman, Richard Tesvich.

Citigroup is lagging HSBC Holdings as overseas banks expand in China, the world's fastest-growing major economy, to prepare for greater market access at the end of 2006. Citigroup's ranking among arrangers of equity sales by companies based in Hong Kong and China fell to eighth in 2004 from fourth in 2003, according to Bloomberg data.

Investment banks are also trying to tap the $1.5 trillion in household savings of China's 1.3 billion citizens.

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