Citigroup Appoints Carmen Haddad to Head Qatari Business

Citigroup Inc. (C), which gets about half of its revenue from emerging markets, named Carmen Haddad as chief executive officer for Qatar as the bank seeks to expand in the world’s richest nation.

Haddad will also continue to lead Citigroup’s Private Bank Gulf and Egypt business, according to an e-mailed statement from the New York-based bank today. During her 14 years at Citigroup, she focused on private banking, corporate finance, direct investments, capital markets and equity structured solutions.

Qatar, the wealthiest nation on a per capita basis and holder of the world’s third-largest gas reserves, is snapping up assets across the globe as it seeks to reduce its energy dependency. The country’s economy is set to expand 5.9 percent this year, the fastest pace in the Gulf Cooperation Council, a survey of 14 economists compiled by Bloomberg shows. That surpasses the expected average growth of about 2 percent for the Group of 10 industrialized nations.

Citigroup plans to further invest in Qatar to serve its government, financial institution, and corporate clients, Haddad said in the statement, without giving details.

Before joining Citigroup, Haddad held senior positions in the wealth management and asset management divisions of JPMorgan Chase & Co. (JPM), Lehman Brothers and Merrill Lynch covering top institutional and private banking clients in the Middle East and Europe.

To contact the reporters on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net; Stefania Bianchi in Dubai at sbianchi10@bloomberg.net

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

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