July 10, 2008 / 1:38 AM / 11 years ago

Citigroup wealth unit Asia head quits

SINGAPORE, July 10 (Reuters) - Citigroup’s (C.N) head of its Asia-Pacific wealth management business, who was managing nearly 2,000 people, has resigned, the bank said on Thursday.

Kaven Leung, who has been with the bank for more than 20 years, became chief executive of the Asia-Pacific wealth management group last year. The unit includes the private bank and the Smith Barney retail brokerage.

Leung was managing private bankers in Australia, Hong Kong, Taiwan, China, Korea, Philippines, Singapore, Malaysia, Brunei, Indonesia, Thailand, Vietnam, India, and elsewhere, according to the bank’s website www.citi.com.

Deepak Sharma, who heads Citi’s global wealth management outside the United States, will take on the additional responsibility of chief executive Asia-Pacific, a spokesman said.

He declined to comment on where Leung will go.

Citi, a big player in Asia’s private banking business alongside UBS UBSN.VX and HSBC (HSBA.L), has lost several bankers to rivals such as Morgan Stanley (MS.N) and Deutsche (DBKGn.DE) in the past several years. (Reporting by Saeed Azhar; Editing by Jan Dahinten)

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