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This new cluster, to be led by Marc Luet, includes the bank's markets in Australia, China, Hong Kong, Japan, Macau, New Zealand, South Korea and Taiwan.

Issuance hit $14.8bn, according to data from Dealogic, with Citi leading the underwriting league table.

China’s green tech is leading the way, but a structural challenge domestically is more crucial, an audience of investors heard in Hong Kong.

Luet, currently head of Citi's Japan Cluster, will oversee Australia, China, Hong Kong, Korea, New Zealand and Taiwan, with Ng retiring after 26 years with the bank on April 5.

Cristina Chang will lead Citi ANZ’s markets business while retaining her role as head of asset backed financing, spread products, Asia North, Australia and South Asia.

FinanceAsia recently caught up with Udhay Furtado and Kenneth Chow, co-heads of Asia equity capital markets, Citi, on the health of the region's IPO market.

Lu, who has been at the US bank for over 20 years, is replacing Christine Lam, who is retiring.

Structural problems emerged in the economy as China’s property sector had a dire year. To see a restoration of confidence, more targeted policy support and timely interventions are needed.

The move is part of a deal for Citi to sell consumer banking businesses in Malaysia, Thailand, Vietnam and Indonesia to UOB as it retreats from 14 markets in the space. Meanwhile, a major reorganisation at the bank has begun, including Asia leadership changes.