The Swiss bank has created a new Middle East ultra high net worth senior position, appointing a veteran industry figure.

Credit Suisse has appointed former Citigroup luminary Muwaffak Bibi as a managing director and head of Middle East ultra high net worth clients, effective immediately, this publication has learned.

The role is a newly-created position at the Zurich-listed bank.

Muwaffak Bibi will be based in Geneva and will report directly to Bruno Daher, who is chief executive of the entire Middle East and North Africa region.

At Citigroup, he had worked more than 35 years at the US bank. He has served as region head and chairman of the MENA region for Citi Private Bank since 1999.

In recognition of his contribution to financial services, Muwaffak Bibi was awarded a Lifetime Achievement Award for Banking at the WealthBriefing GCC Awards 2014, organised by the publisher of this news service.