Citi has promoted Seoul-based banker Valentin Valderrabano to chief operating officer of Citi Global Wealth (CGW). He will succeed Eduardo Martinez Campos, who is to helm the bank’s wealth services and strategic investments.

Valderrabano was most recently the consumer business manager for Citibank Korea, where he delivered growth by leading the transformation of the wealth management model and strengthening digital and mobile capabilities. 

As COO, Valderrabano will partner closely with CGW head Jim O'Donnell in running the day-to-day operation of the business. “He will drive excellence globally for CGW through effective business management, business planning, MORs, financial and expense management, change management, risk & controls coordination and maintaining a strong partnership with technology,” O’Donnel notes in an internal memo. 

Over the course of his nearly 20 years at Citi, Valderrabano has gained much experience and perspective through leadership roles across several businesses and markets including Spain, London, Greece, Singapore, the United States, and most recently, Korea. Before joining Citi, Valentin worked at The Coca-Cola Company in the US and Mexico.

Valderrabano will move to New York in the summer and take on his new role in July. Ji-Kang Kim, currently head of retail banking at Citibank Korea, will become the new consumer business manager for Korea.

Citi’s global wealth business reported a revenue of US$7.5 billion in 2021 with over US$800 billion in client assets and over 3,000 client advisers. Its ROTCE (return on average tangible common shareholders’ equity) was 20% from 2017 to 2021.

Asia plays a key role in growing the business, with two of the bank’s four global wealth hubs located in Hong Kong and Singapore. Citi aims to grow client assets by US$150 billion by 2025.

Citigroup is closing its consumer banking operations in 13 markets across Asia, Europe and the Middle East.