Citigroup Inc. has appointed Selim Elgen to head the bank’s global wealth business in the Middle East and Africa.
Elgen will relocate to Dubai from London for this role, according to an internal memo seen by Bloomberg News. He will maintain his regional responsibilities at the private bank and also assume the role of UAE wealth head, the memo said.
Citigroup has also appointed Venkat Mahadevan as consumer business manager for UAE Citigold and Citigold private client, retail and cards. Mahadevan was already carrying out the role on an interim basis after the previous head Dinesh Sharma left the firm last year. He will primarily report to Elgen, according to the memo.
Both have worked at Citigroup for roughly three decades each. Elgen has previously covered emerging markets, a region spanning Russia, Central & Eastern Europe, Israel and Africa. He was most recently responsible for the Middle East, North Africa and Turkey as private bank cluster head. Mahadevan has worked in India, Singapore, New York and Dubai.
The Middle East is a key region for Citigroup, which in 2021 decided to focus its global consumer bank presence on four wealth centers — Singapore, Hong Kong, the UAE and London — while pursuing exits from 13 markets across Asia and Europe.
Under Chief Executive Officer Jane Fraser, Citigroup has been seeking to expand its business catering to the world’s wealthiest individuals. Still, the bank acknowledged earlier this year that it would have to slow some investments in the business after volatile markets crimped revenue in recent quarters.
Source : Bloomberg
