Lee, according to reports in the Straits Times, Bloomberg and other media, will take up the role from 6 October, replacing incumbent Tibor Pandi, who will move to “explore other opportunities within the firm.”

This news service has contacted the US bank for details and may update this article in due course.

Reports noted that Lee’s appointment marks the first time in 50 years that a Singaporean will serve in the bank’s most senior role for the Singapore market.

Lee has been with Citi for 35 years. He serves as chairman of Citi Private Bank for South Asia – as this publication reported at the time of his appointment.