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Citigroup names new head for Australia business

Citigroup names new head for Australia business

May 15 (Reuters) – Citigroup Inc on Wednesday named senior executive Marc Luet as the head of its Australia business, at a time when the local units of global banks are facing cartel charges in the country.

Australian authorities filed criminal charges in June last year against Citi, Deutsche Bank, Australia and New Zealand Banking Group and six senior bankers over the sale of A$3 billion ($2.07 billion) in ANZ shares in 2015, and subsequent trading by the underwriters.

Citi said Luet as chief executive officer would report to Tim Monger, interim CEO of the bank’s Asia Pacific business. He takes over the role from David Livingstone, who was recently named CEO for Citi’s Europe, Middle East & Africa region.

“Marc has a strong record in leading complex businesses across multiple segments and geographies,” Livingstone said.