The US bank has unveiled a change at the top of its China business.

Citigroup has appointed one of its senior figures, Luk Lu, as head of banking for China and Citi country officer. He is taking over the helm from Christine Lam, who is retiring from the US bank. 

In his new role, Lu will report to Angel Ng, head of Asia North and Australia, Cluster and Banking, Citigroup said in a statement.  

The role will also involve Lu taking on the role of president and board director of Citibank (China) Co.

Joining the bank in Shanghai in 2002, Lu, who has worked in Hong Kong and mainland China, has held corporate and commercial banking positions as well as dealing with regulators and the government.

The role puts Lu at the helm of a business that became the first US bank – in 2023 – to obtain approval from the Shanghai Futures Exchange and International Energy Exchange to act as a futures margin depository bank for its Qualified Foreign Investor Clients to trade commodity futures on the SHFE and INE.

“The China market is a strategic priority for Citi, where we have a market-leading banking business that we are committed to,” Ng said.

Earlier in January, Citigroup reported its fourth-quarter and full-year 2023 financial results.