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Citi Private Bank Announces Raft Of EMEA Top Management Moves

Tom Burroughes

9 November 2011

Citi Private Bank has announced a number of changes to its team for Europe, the Middle East and Africa, WealthBriefing has learned.

The moves will be completed by the start of January next year. It is understood by this publication that the changes are part of a change in the structure of the teams covering EMEA and Central and Eastern Europe. 

Muwaffak Bibi, who is global market manager for Middle East and North Africa, will assume the role of chairman, private bank for MENA, primarily focusing on expanding the bank's most important client relationships and broadening its footprint in each MENA market.

He had suffered a setback to his health earlier in this year but has made a full recovery and has been a central figure in managing Citi’s private banking franchise for that region.

Working alongside Bibi, Samir Raslan, who was until recently general market manager for Central and Eastern Europe, Northern Europe, Africa and Turkey, assumes the role of global market manager for MENA and Turkey with the banker teams reporting to him.

Both individuals remain members of the private bank’s EMEA leadership team and report to Luigi Pigorini, the private bank chief executive for EMEA, and Atiq ur-Rehman, CEO of the Middle East for Citi.

Raslan remains as general manager of Citibank Switzerland.

Meanwhile, James Holder continues as EMEA head of Family Office Solutions. In addition, he will assume coverage for the Northern Europe region, relocating to Geneva.

Gerassimos Spyridakis will assume responsibilities for the African market, in addition to his responsibilities for Greece and Israel. The private bank is understood to view Africa as important to its growth market.

Selim Elgen continues to run the Central and Eastern Europe, Russia and CIS markets. This publication understands that Citi wants Elgen to substantially grow this franchise by expanding the coverage team and carving out a higher share of wallet from ultra high net worth clients.

Elgin will become a global market manager and will join the EMEA leadership team.

Finally, Fernando Lopez Munoz continues as global market manager for Iberia and will remain responsible for the Latam Business in EMEA.  He will also assume the same responsibilities for the Italy team in Geneva.