Citigroup has appointed Carmen Haddad as chief executive officer (CEO) with responsibility for developing its business in Saudi Arabia, according to reports. The group is also said to be in advanced discussions with Saudi Arabia’s Capital Market Authority for an investment-banking licence to operate in the country. Citigroup lost a key banking licence when it sold its stake in Samba Financial Group in 2004.
Haddad leads Citigroup’s strategy and business development for the kingdom and her appointment as CEO for Saudi Arabia is expected to be made official once the group’s banking licence from the market regulator is confirmed. In the interim, she will continue in her role as CEO of Citigroup’s Qatar operations until a replacement is found and will also retain her position as a senior private banker in the Gulf Cooperation Council (GCC) region, Egypt and the Levant.
Neil Dyke, who joins the company as its new chief technical officer, was previously chief information officer for GE Money Home Lending.
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The penalty was imposed by the US Federal Housing Finance Agency and the bank potentially faces an even heavier fine from the Department of Justice.