Citigroup Inc will mandate Tigor Siahaan as the new Country Head for Indonesia, replacing Shariq Mukhtar, who will move to Singapore to take up a regional consumer banking role.
Sihaan's appointment is effective June 30, but the appointment is pending approval from the country's central bank, Bank Indonesia, said an internal memo seen today.
The move came after Indonesian central bank in May banned Citi from opening new branches for 1 year and imposed other sanctions following its investigations into the alleged embezzlement of millions of dollars by a Citi employee and the death of a Citibank client, who died after meeting with debt collectors contracted by Citi at a Citibank branch in Jakarta.
Disclosure: No position at the stock mentioned above.
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