Citigroup Inc. (C)’s Latin America head Francisco Aristeguieta, helping Chief Executive Officer Vikram Pandit with a push to expand in emerging markets, has overhauled the bank’s leadership team in the region.
Aristeguieta named Juan Bruchou to head a group of seven South American countries including Argentina and Venezuela, and Suresh Maharaj for Central America and the Caribbean, according to a statement today from the New York-based firm. Gustavo Marin and Bernardo Norena will continue to head Brazil and Colombia, respectively. All will report to Aristeguieta, who was appointed head of the region, excluding Mexico, in November.
Pandit, 55, has targeted economies in Latin America and Asia for growth as he seeks to help Citigroup, the third-biggest U.S. bank by assets, rebound from a revenue slump last year. The bank boosted Latin America revenue at its core businesses by 11 percent in the first quarter from a year earlier as profit fell 3 percent.
“In today’s global economic landscape, emerging markets and Latin America are increasingly important,” Aristeguieta said in the statement. “Citi has the largest presence of any financial institution in the region and is strategically positioned to support Latin America’s fast-growing economies.”
Aristeguieta will oversee the Chilean market directly, according to the statement. Bruchou is the country officer for Citi Argentina.
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