Citi Private Bank in Europe, Middle East and Africa has appointed Michel De Carvalho as its chairman, WealthBriefing has learned.

Mr Carvalho’s appointment comes at a time when the Wall Street bank is looking to boost its business in the ultra-high net worth segment in the EMEA region. The chairmanship of the EMEA region is a new position.

The new chairman takes almost 40 years of experience in the banking industry. Among his previous roles, Mr Carvalho joined Nikko Securities in 1995 and was instrumental in forming the joint venture between Nikko and Citi in 1998.

In addition to chairman of the Private Bank in EMEA, he is vice chairman of Citigroup Investment Banking. Mr Carvalho also sits on the board of Citigroup Capital UK and is a member of the supervisory board of Heineken.