Citigroup recently announced the appointment of Carmen Haddad as Vice Chair, of Middle East Wealth and Banking. Carmen will transition her role as Citi Country Officer (CCO) Kingdom of Saudi Arabia (KSA) to Fahad Aldeweesh, CEO of Citigroup Saudi Arabia by the end of the year.
Industry sources added that Fahad Al-Deweesh will take over from Haddad as the country officer for Saudi Arabia by the end of this year. Al-Deweesh is transitioning from his current position as CEO of JPMorgan Chase & Co. investment banking unit in the Kingdom. His new role at Citigroup will also include the responsibilities of CEO of the bank’s operations in Saudi Arabia, in addition to continuing as banking head for the Kingdom.
Industry sources further added that Carmen is one of Citi’s most senior bankers in the Middle East with over 3 decades of banking experience and has played a significant role in the building of Citi’s formidable franchise in the region.
Industry sources added that having joined the firm in 2000, Carmen held various roles in Citi Private Bank including the family office head of one of Citi’s main shareholders, added CCO of Citi’s franchise in Qatar 2013-17, and CCO of KSA since 2017. Carmen played an instrumental role in paving the way for Citi’s re-entry into the Kingdom, growing the business, and elevating the profile of the Citi franchise in both Qatar and Saudi Arabia.
Industry sources further added that In her new role, Carmen will focus on providing senior-level dialogue and coverage of key Sovereign/Government and private banking clients; acquire and deepen business with institutional and private bank prospects, and fast-track the Middle East Family Offices initiative for Banking and Wealth.
Industry sources also confirmed that this is additionally to her current involvement in key Institutional relationships in the region, including SWF and other Public sector clients. Leveraging upon the strong consistent relationships Carmen has built over the years she will, in an advisory capacity, also continue to play a key role in expanding Citi’s presence in KSA.
Industry sources also added that Carmen will report to Manolo Falcó in Citi’s recently announced Client organization.
