Citigroup Names Ade Ayeyemi Chief of Sub-Saharan Africa Division

Citigroup Inc. (C), the U.S. lender with a presence in 16 African countries, appointed Ade Ayeyemi as chief executive officer for sub-Saharan Africa.

Ayeyemi, who was head of transaction services in Africa, has been with the bank for 25 years, the Johannesburg-based unit of Citigroup said in an e-mailed statement today. Ayeyemi, who worked for the bank in Nigeria before taking up regional roles, will be based in Johannesburg.

Citigroup, which provides project financing and investment banking in Africa, has been expanding on the continent to tap economic growth that is outstripping rates in developed nations. Africa represents an important growth opportunity for Citigroup as the continent increases its share of world trade, Donna Oosthuyse, chief country officer for the New York-based bank in South Africa, said yesterday.

“We believe that Africa will outpace that of many parts of the world and expect that in time, Africa’s share of contribution to the bank will also increase,” Oosthuyse said in an e-mailed response to questions.

Citigroup’s North African business will be overseen by Atiq Ur Rehman, head of the lender’s Middle East unit, the bank said.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.