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Citigroup Said to Hire Marangon for Brazil Corporate Bank

Citigroup Inc., the U.S. bank that sold its Credicard unit in Brazil last week, hired Marcelo Marangon, a former executive director of Banco Itau BBA SA, to lead its corporate bank in the country, according to a person familiar with the matter.

The discussions with Marangon, who spent 15 years at Citigroup earlier in his career, have been under way since he left Sao Paulo-based Itau BBA in the middle of April, said the person, who asked not to be identified because the hiring hasn’t been announced yet.

Marangon, the former head of global banking in Brazil for HSBC Holdings Plc, was hired by Itau in October 2011 to handle a newly created unit catering to large corporations. He left Itau amid a restructuring that included management changes. Banco Itau BBA is the wholesale arm of Itau Unibanco Holding SA, the biggest Latin American bank by market value.

Before HSBC, Marangon was head of corporate banking and corporate finance at Citigroup. He was also a consultant at PricewaterhouseCoopers LLP.

In March 2011, Citigroup hired Itau’s former head of investment banking, Andre Kok, to lead global banking for Brazil.

Marangon and Citigroup declined to comment.

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