Citi has appointed Galvin Phua as head of markets solutions for its commercial banking clients across Asia South and Asia North, effective immediately.

Based in Singapore, Phua will be responsible for driving the overall strategy to provide markets solutions for Citi Commercial Bank ( CCB ) clients across the two regions.

In addition, he will continue to cover Asean-based corporate clients for markets-related financing transactions. He will work closely with product partners and across Citi’s banking and international divisions.

Phua joined Citi in 2014, contributing to the bank’s Asean franchise. In recent years, he led the FX sales team for Singapore and Indonesia corporates. Phua will continue to perform his FX role until a successor is announced.

Citi’s markets business reported its best second-quarter performance since 2020 this year, with revenues up 16% year-on-year at US$5.9 billion and net income up 20% at US$1.7 billion, driven by fixed income and equities. 

Gunjan Kalra, head of commercial banking, Japan, Asia North and Australia ( JANA ) and Asia South, says: “Citi’s commercial bank offers clients access to Citi’s global network as well as a broad range of products and solutions; this includes markets-related products. We have a global strategy and approach in place with regard to our collaboration with the markets business – designated leaders who are dedicated to jointly supporting commercial banking clients alongside the commercial bankers who adopt an advisory-led and product-agnostic approach.

“We’re pleased that Galvin Phua will be taking up this role across our Asia clusters, helping support the ambitions of our commercial banking clients further across the markets platform. As these increasingly tap into Citi's network to grow further, we are well-positioned to support across areas such as FX, interest rates, as well as structured products.”