NEW YORK (Reuters) – Citigroup has hired Yeo Wenxian as head of wealth management for the South Asia region from DBS Group (OTC:) Holdings, Singapore’s largest credit institution, a memo seen by Reuters showed.

Yeo will also be CEO of Citibank Singapore Ltd, Andy Sieg, head of Citi’s wealth division, said in a note to employees. She is expected to join on Nov. 1 from DBS, where she spent 13 years in various roles.

Chief Executive Jane Fraser is carrying out a major overhaul to improve the bank’s performance, cut costs and simplify its sprawling businesses. She has cited wealth management as an area where the bank aims to grow and boost profits.

Fraser hired Sieg from Bank of America last year to assist execute the bank’s plan to expand its wealth management business.