Citigroup's top Saudi banker Carmen Haddad takes Vice Chair role
Haddad initially rose through the ranks of the firm's private banking arm in the region
Citigroup Inc. named Carmen Haddad, one of the firm's most senior bankers in the Middle East, to a vice chair role as the firm looks to deepen its business in the region.
As Citigroup's country officer for Saudi Arabia, Haddad helped lead the US bank's efforts to re-establish a presence in the Kingdom in recent years, according to a memo to staff seen by Bloomberg. Haddad will now be vice chairman of Middle East wealth and banking, the memo said.
"In her new role, Carmen will focus on providing senior level dialogue and coverage of key sovereign/government and private banking clients," Ebru Pakcan, Citigroup's head of Middle East and Africa, said in the memo. "She will, in an advisory capacity, also continue to play a key role in expanding Citi's presence in," the Kingdom, the memo said.
A Citigroup spokeswoman confirmed the contents of the memo.
A 23-year veteran of Citigroup, Haddad initially rose through the ranks of the firm's private banking arm in the Middle East. She was ultimately named country officer for Qatar in 2013 before taking over that role for Saudi Arabia in 2017.
In her new role, Haddad will spearhead Citigroup's Middle East family offices initiative for the firm's banking and wealth units.
Fahad Al-Deweesh will replace Carmen as the country officer for the Saudi Arabia business by end of the year, according to the memo. Al-Deweesh will report to Pakcan, while Haddad will report to Manolo Falco, Citigroup's global vice chair of client banking and head of senior client coverage.
Al-Deweesh joined Citigroup earlier this year from JPMorgan Chase & Co., where he was chief executive officer of the investment banking unit in the Kingdom. He will continue with his roles as chief executive officer for Saudi and banking head for the Kingdom.
Saudi Arabia is becoming an increasingly important market for global banks as the kingdom embarks on a plan to diversify its economy away from oil by selling stakes in state-owned companies and investing in new industries.