(Updates with statement from ANZ)
By David Henry and Lawrence White
May 13 Farhan Faruqui, one of Citigroup Inc's
highest-ranking bankers in Asia, is leaving the company to
work for rival Australia and New Zealand Banking Group Ltd
The departure of Faruqui, a 23-year veteran of the company
who heads corporate and investment banking for Asia Pacific, was
announced in a Citigroup internal memo dated Tuesday.
On Wednesday, ANZ said Faruqui would take on the role of
chief executive officer, international banking, from August. He
would be based in Hong Kong, it added.
Faruqui will support ANZ's so-called super regional strategy
"by improving connectivity between ANZ's 33 markets", the
Melbourne-based bank said in a statement.
The heads of international banking in both Australia and New
Zealand as well as the country chief executives in Asia, the
Pacific, Europe, the Middle East and America will report to
Faruqui, ANZ added.
"Farhan is an international banker with deep experience in
Asia," Andrew Geczy, ANZ's CEO of International and
Institutional Banking, said in a statement. "Throughout his 23
years with Citigroup, he has built an impressive track record
developing businesses across multiple geographies."
Faruqui became Citigroup's head for corporate and investment
banking in Asia Pacific in 2009, and played a key role in
maintaining relationships with business clients after the
financial crisis, according to a person who has worked with him.
The person declined to be named as he was not authorised to
speak to the media.
Faruqui will be replaced by "new leadership" to be announced
within the next few weeks, according to a Citigroup memo to
employees. The memo was sent by Raymond McGuire, global head of
corporate and investment banking. The business Faruqui headed is
"critically important to Citi," McGuire wrote.
Citigroup executives have said that catering to companies
doing business in Asia is a key part of their plan to thrive on
economic growth outside of the United States.
Citigroup, the third-largest U.S. bank by assets, considers
its international reach to be its competitive advantage over
other big U.S. lenders. But the bank has been under pressure to
more tightly manage its global operations to improve its lagging
profitability and to reduce its risks.
ANZ operates in about 15 Asia markets. It has been pushing
to build its businesses outside of Australia and New Zealand and
become a regional banking power.
Before Faruqui was put in charge of corporate and investment
banking five years ago, he oversaw Citigroup's realignment of
its corporate banking business into a regional commercial bank.
He had previously led the fixed-income franchise in Asia
Pacific, according to the memo.
(Reporting by David Henry in New York and Lawrence White in
Hong Kong, additional reporting by Denny Thomas in Hong Kong and
Jane Wardell in Sydney; Editing by Tom Brown, Bernard Orr and