FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
May 08, 2008
Citi Relocates Global Co-Head of Investment Bank to Dubai
Alberto Verme to Focus on Middle East as Strategic Imperative for Citi Clients around the World
Move Underscores Citi's Commitment to Region and to Strategically Positioning Top Talent Closer to Growth Opportunities
New York, NY – Citi today announced that Alberto Verme, Global Co-Head of Investment Banking, will relocate to Dubai. This move underscores Citi's commitment to the Middle East, one of the world's fastest-growing and most important regions, and is consistent with Citi's efforts to deploy its best leaders against its most important and promising growth opportunities.
Mr. Verme will continue to share global responsibility for Investment Banking with Ray McGuire, who remains based in New York. From Dubai, Mr. Verme will work with colleagues across Citi's global network to help serve Middle Eastern clients, as well as facilitate access to the region and provide local expertise for clients around the world seeking to do business there. He will work closely with Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for the UAE, who is also based in Dubai and has been a leading presence for Citi in the region since 1976.
Vikram Pandit, Chief Executive Officer of Citi, said: "Citi has been in the Middle East for more than 50 years, and we want our clients in the region and around the world to know we are convinced of the region's long-term and immense growth opportunities. I am extremely pleased that Alberto will bring his unique experience and impressive track record of business building and client service to this critical opportunity."
John Havens, Chief Executive Officer of Citi's Institutional Clients Group, commented: "Our clients around the world are looking to us for deep local access and expertise in the Middle East. We are delighted that Alberto will make this move, and we will continue to mobilize top talent against strategic opportunities in the more than 100 countries in which we operate."
Bill Mills, Chief Executive Officer for Citi's Western Europe, Middle East and Africa region, commented: "The Middle East is a critical part of Citi's fast-growing emerging markets business. Having a global leader of Alberto's stature working closely with the outstanding local team sends a strong and positive signal to Citi's clients everywhere."
Mr. Verme has been in his current role since 2004. He joined Salomon Brothers in 1994 as Head of Investment Banking for Latin America. He was Head of Global Energy, Power and Chemicals Investment Banking from 2001 to 2004. He began his career at The World Bank in 1979. He is a Peruvian national and holds a B.A. in Economics from Denison University and an M.B.A. from Columbia Business School.
Mr. Verme has advised on numerous high-profile transactions during his 15 years with Citi, and has successfully built both regional and sector businesses within Investment Banking.
About Citi in the Middle East
Citi has been present in the Middle East region for more than 50 years, represented in main markets including the UAE, Egypt, Qatar, Kuwait, Jordan, Bahrain, Lebanon, Algeria, Tunisia and Morocco. Citi has more than 3,000 permanent staff as well as 30 branches and offices in the region.
Across the Middle East, Citi offers a range of corporate finance services including securitization, project and structured trade finance, syndication and advisory. In the last few years, Citi has consistently ranked as the premier choice for cash management and trade services, foreign exchange products, portfolio products, capital markets primary and secondary, Corporate Finance, investment management and custody services in more markets in the Middle East than any other bank according to industry surveys.
Citi is also a major provider of consumer credit services in the UAE, Egypt and Bahrain, and currently leads the credit card markets in these countries.
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Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.