DUBAI, April 17 Citigroup has appointed
Carmen Haddad as head of the bank's Saudi Arabia business,
according to a source close to the lender.
The appointment, reported earlier on Monday by Bloomberg,
coincides with the bank seeking a return to the kingdom after an
absence of nearly 13 years. Reuters reported on March 28 that
the bank had formally applied for a licence to conduct capital
markets business in the kingdom.
Haddad continues to perform her role as chief executive of
Citi's business in Qatar on an interim basis until a replacement
is found, as well as her position as Citi's senior private
banker for the GCC, Egypt and Levant, according to the source.
The appointment, which was made in December 2016, will
involve her leading Citi's strategy and business development in
A push by the government to diversify the economy is
creating more investment openings in the kingdom. The government
is also preparing to list up to 5 percent of oil giant Saudi
Aramco in an initial public share offering, a move
banks are positioning themselves to be involved in.
(Reporting by Tom Arnold, editing by Andrew Torchia and David