The team leader for HNW clients in Hong Kong, who has worked at UBS and Merrill Lynch, is based in Hong Kong.

Citi Private Bank, part of Citigroup, yesterday confirmed that it has appointed Milton Yau, a team leader in its high net worth team in Hong Kong. (The HNW head for Hong Kong is Keith Lee.)

Yau joined the US bank earlier in November. Prior to this, he worked for 11 years at UBS, where he was a client advisor at the Swiss firm, according to his public profile. At the start of his banking career, Yau worked for three years and eight months at Merrill Lynch. He is a graduate of Simon Fraser University.

In early November, Citigroup opened one of its global wealth centres in Hong Kong.

As reported in early October, Citigroup appointed Anand Sairam as its chief financial officer for the Asia-Pacific region. Sairam has been part of the bank's finance team for eight years.

The banking group has been spinning off some of its retail banking businesses in countries around the world, executing a pivot towards areas including wealth management and private banking.