Citigroup Inc (NYSE:). has made strategic leadership changes to bolster its operations in the Middle East, particularly in Saudi Arabia, as part of the Kingdom’s economic diversification efforts. Carmen Haddad, a veteran at Citigroup with a 23-year tenure, has been promoted to vice chairman of Middle East wealth and banking. Haddad played a pivotal role in Citigroup’s re-entry into Saudi Arabia and will continue to lead the bank’s Middle East family offices initiative while maintaining high-level sovereign and private client interactions.
In a significant move, Fahad Al-Deweesh will take over from Haddad as the country officer for Saudi Arabia by the end of this year. Al-Deweesh is transitioning from his current position as CEO of JPMorgan Chase & Co. (NYSE:)’s investment banking unit in the Kingdom. His new role at Citigroup will also include the responsibilities of CEO of the bank’s operations in Saudi Arabia, in addition to continuing as banking head for the Kingdom.
These appointments come at a time when Saudi Arabia is actively encouraging global financial institutions to participate in its economy, which is undergoing diversification away from oil dependence. This includes state-owned asset sales and investments into new sectors, offering significant opportunities for banks like Citigroup.
The reporting structures have been updated to align with Citigroup’s growth strategy in the region. Haddad will report to Manolo Falco, the global vice chair of client banking overseeing senior client coverage. Meanwhile, Al-Deweesh will report directly to Ebru Pakcan, highlighting the importance of Saudi Arabia within Citigroup’s global operations.
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