Alvaro Jaramillo, Citi country Officer Colombia and Latin America North Region Head

Alvaro Jaramillo

Citi country Officer Colombia and Latin America North Region Head

Alvaro Jaramillo is Citi country Officer Colombia and Latin America North Region Head since January 2017.

Previously, Alvaro was Central America & Caribbean Cluster Head. The 14 countries under his responsibility included: Bahamas, Barbados, Cayman Islands, Costa Rica, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Nicaragua, Panama, Puerto Rico, and Trinidad & Tobago where Citi has a physical presence.

Before, he served as Chief Administrative Officer and Treasurer for Latin America, where he managed several functions including Compliance, Efficiency, Strategy, as well as Public Affairs and Government Relations. In January 2009, he was named Citi Country Officer for El Salvador, and in this position, he was responsible for the corporate, consumer, credit card, insurance and mutual funds businesses for the country.

Mr. Jaramillo started his career with Citi Colombia in 1990 as Head of the Fixed Income Trading Group. Later on he assumed the responsibility over the fiduciary business and then became Country Treasurer at the age of 27, the youngest country treasurer at the time. During his tenure Citi Colombia achieved several milestones including the following: Largest FX Market Maker in the Country, First to introduce FX forwards and options and leader in the category, largest government fixed income dealer, largest securities custodian and consolidated the banks leadership in marketing of financial instruments. He also launched Citivalores and established an important position in equity trading, underwriting and fixed income brokerage.

In 1997 he became Treasurer of Citi Puerto Rico and Regional Treasurer of the LATAM Eurodollar book. Among the key achievements are the consolidation of the Regional Treasury and the implementation of an automated system to streamline the process for new orders to finance assets, the consolidation of gapping risk treasury risks and an improvement in P&L for the region of $20 million. In addition he successfully converted the local funding strategy from the Section 936 funds to regular funding. He was responsible for $20 billion of assets and liabilities.

In 1997, Mr. Jaramillo left Citi to work with Banco Santander in Colombia as Executive Vice President of the Group and Managing Director of their Corporate and Investment Banking Group, Fiduciary and the Panama Banking subsidiary. During his tenure he co-led the team that acquired Banco Comercial Antioqueño and Invercrédito, led the acquisition of Pensiones Colmena and Pensiones Davivir to create the third largest pension management company and advised on transactions related to M&A and Capital Markets in excess of $2 billion.

He rejoined Citi in 2000 as Country Corporate Officer for Puerto Rico. In this position he was responsible for the corporate businesses of Citi in that country plus managing the franchise aspects which included Smith Barney, Citibank, Citicapital, Primerica, Citicards and Citifinancial. He led the Business Heads committee and actively engaged in all of them to ensure strategy integrity and coordination across all families of products. He worked as part of the team that divested the Retail Banking operations, the real estate owned and the Smith Barney operations sold to Banco Popular. During his tenure EBIT was increased more than threefold and successfully managed the transition and reconversion of the bank after the sale to Banco Popular.

In 2008, he was appointed Director of Corporate Banking for Central America where he was responsible for the integration of Corporate Banking businesses in Central America. In this position he started the implementation of a CTS product to Banco Cuscatlan, segmented the markets, refocused the brokerage and asset management businesses and successfully integrated with the existing Citibank NA operations.

Mr. Jaramillo was appointed Senior Securities Officer in 2002 and Senior Credit Officer in 2004. He has also been distinguished with several distinctions, among them Executive of the Year in Colombia (1995) by Portafolio, the leading business journal in the country. He was treasurer of United Way Puerto Rico and Vice-president of the Puerto Rico Bankers Association for two years.

Alvaro Jaramillo has a Bachelor of Business Administration degree from Colegio de Estudios Superiores de Administración in Bogotá, Colombia and took finance courses at University of Wisconsin- Madison.