Citigroup has opened a new trust office in Singapore, its first in Asia, to handle more than 350 global private banking clients. Cititrust (Singapore) will have a team of 14 people to serve its global clients. Citigroup said the moves reflected "the city's growing status as a wealth management hub in the Asian time zone." In April Citigroup appointed Deepak Sharma to run its global wealth management business outside the US from Singapore, making him the bank's only international business head not to be based in New York. For international clients, Citigroup also has trust offices in Switzerland, the Bahamas, Jersey, the Cayman Islands and the US, which are referred to collectively as Global Wealth Structuring.