Citi announced yesterday that Bassam Salem will become Asia-Pacific CEO of Citi's private banking division. Salem will replace Aamir Rahim, who has been appointed head of Citi’s public sector group for Asia-Pacific.
The shake-up is being positioned by Citi as a move that plays to each banker’s strength bringing in a seasoned private banker to run the private bank and repositioning Rahim back into a role that will let him use his investment banking skills more effectively. But outsiders and even some Citi sources say it’s yet another example of a private bank trying to make sure its Asia strategy is working, because this might be the only growth game...
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