Citigroup has appointed a new country head for Indonesia following a torrid three months when a relationship manager was arrested for allegedly embezzling clients’ money and a card client died while he was questioned by debt collectors.
Tigor M. Siahaan will become Citi’s new chief country officer for Indonesia effective on June 30. He will replace Shariq Mukhtar, who will take on a new regional role based in Singapore.
Shariq, who has more than 25 years of experience with Citigroup, will have consumer banking responsibilities to be announced shortly. Shariq has previously been chief financial officer for operations in Taiwan and country business manager in Thailand.
Tigor, whose appointment is subject to regulatory approval, is an investment banker who played a key role in state carrier Garuda Indonesia’s initial public offering and state oil and gas firm Pertamina’s recent bond issues. He is the first Indonesian to serve as a Citi country head here.
Bank Indonesia last month slapped lengthy bans on Citi’s credit card and wealth management businesses over the alleged embezzlement and the death of its client following questioning by debt collectors acting for the American lender.
Irzen Okta, 50, secretary general of the National Unifying Party (PPB), died in a private room at the Citibank office at Menara Jamsostek on Jalan Gatot Subroto, where he had gone to discuss his credit card bill.
Police have also taken into custody Malinda Dee, a 47-year-old former wealth manager at Citi, for allegedly embezzling from her clients.
In the wake of the scandals, Indonesia’s central bank in May barred Citigroup from opening new branches for a year and from using third-party debt collectors for two years.
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