Citi Relocates Top Banker To Dubai
Verme has been part of the franchise since 1994.
May 8, 2008
Citigroup is relocating Alberto Verme, global co-head of investment banking, from London to Dubai in order to strengthen its presence in the Middle East.
Verme will continue to oversee all investment banking operations with his co-head, Raymond McGuire, who works in New York.
"He will also work closely with the regional team to ensure that Citi is well-positioned against cross-border opportunities for clients and investors based in the region, as well as those around the world seeking to do business in the Middle East," John Havens, chief executive of Citi's Institutional Clients Group, and Bill Mills, CEO for Western Europe, the Middle East and Africa, wrote in an internal memo seen by IDD.
Alberto Verme
Verme, a native of Peru, was appointed to his current position in 2004. He joined one of Citi's predecessor firms, Salomon Brothers, 10 years earlier and began his career in 1979 at the World Bank. Verme served as Citi's head of global energy, power and chemicals investment banking from 2001 to 2004.
"Today's announcement marks the first time that we or any of our competitors have stationed the global head of a major business in the Middle East region, where Citi has a rich history dating back more than 50 years," Havens and Mills wrote in the memo.
Citi opened its first branch in Dubai in 1964, when the United Arab Emirates was still under British rule. The firm also has operations in Qatar, Bahrain, Kuwait, Jordan, Lebanon and Israel.
Verme's move comes shortly after three of its competitors increased their presence in the region. Last month, Lehman Brothers transferred its head of European and Middle Eastern media, consumer and retail investment banking, Makram Azar, to Dubai from London to fill a newly created position, global head of sovereign wealth funds. Also in April, Morgan Stanley established a team of bankers in Dubai to cover sovereign wealth funds and financial sponsors in the Middle East and North Africa. In addition, Barclays Capital recently appointed Roger Jenkins to step into a new role, chairman of investment banking and investment management for the Middle East.
Find out more information about people mentioned in this article from our People Database:
Alberto Verme
Raymond J. McGuire
Makram Azar
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