In a major corporate banking coup, Chinatrust Financial Holding Co (中信銀金控) stole the world's largest financial-service company's country officer in Taiwan, along with 19 of his top staff, Citibank NA confirmed yesterday.
"A total of 20 senior staff left the bank, including former country officer Eric Chen (陳聖德)," Chan Tze-ching (陳子政), new country officer of Citigroup Taiwan, said at a press conference yesterday.
The impact on the world's biggest financial group, which employs 2,500 staff in Taiwan and over 20,000 in Asia, should be minimal, added Chan, who took up his new post on Monday.
Getting an upper hand in the quest for talent, Chinatrust Financial recruited Chen and his team to manage its banking subsidiary, hoping the new appointment will bolster its corporate banking and capital market business.
On Wednesday, Chen was named as president of both Chinatrust Commercial Bank (
Jerry Harn (韓蔚廷) was named general manager of Chinatrust's corporate banking group, and John Li (李鐘培), became general manager of Chinatrust's capital market group.
Facing a severe talent loss, Chan said to quickly make up for the sudden void with top-tier executives.
Revealing its corporate localization policy, Chan said that the bank hopes to "nurture a Taiwanese banker" from within the group to be capable of heading the bank in a few years, while also locating other suitable replacements.
"With a rich talent pool, Citibank doesn't need to go head-hunting to find a qualified country manager and other replacements," Chan said.
He believes that many bankers dream of working at Citigroup.
Chan said that he befriended Chen over 20 years ago and sees him now as "both a good friend and business competitor."
Chan, 46, joined Citibank Hong Kong in 1980. After serving various positions in finance, operations, investment and corporate banking in both Hong Kong and Japan, he was given the position of Citigroup's country officer for Hong Kong in 1999.
"I am confident that my experience in Hong Kong will help expand the bank's market in retail and corporate banking business here," he said.
The local banking sector plays an important role in the greater China market, he said.
The group also plans to increase its China-bound investment so as to serve Taiwanese doing business there, Chan said.
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