Commonwealth wins over global Citigroup executive
TheCommonwealth Bankhas brought in Scott Riedel fromCitibankin Geneva, to head up private client services as part of the bank’s Premium Financial Services (PFS) division.
Riedel, who will begin with the bank on April 15, has a background with Citigroup which has taken him to the Czech and Slovak republics - where he was also Country Treasurer - and branches in New York, London and Sydney.
His most recent role was that of regional investments product head for Citigroup Private Bank in Geneva where he managed all investment and banking products distributed within the Citigroup Private Bank in Europe, the Middle East and Africa.
Commonwealth head of PFS Michael Katz says Riedel’s skills in leadership, business development and client relationship management are the key reasons for the bank hiring him as part of the PFS executive team.
“I am extremely pleased to have someone with such extensive global experience in the marketplace join the new business and am certain he will make an outstanding contribution to the development and growth of Private Client Services,” he says.
Commonwealth PFS head of products John Beggs says Riedel’s position as head of his business unit will be devoted to “build up and expand presence in the sophisticated investor market”.
Other units which make up the PFS group are the premium banking and investments services group, which provides face to face services for clients with complex needs through its 180 advisers, and the direct services group, which is a business targeting Comsec’s client network.
Riedel’s appointment completes the line-up of the executive team for PFS. The division was created in December last year to bring together the Bank’s existing proprietary wealth management businesses to provide customised products and services for clients with more complex financial needs.
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