Former NCB Capital managing director Wassim Al-Khatib has been named as chief executive of Citi Saudi Arabia.
He will be responsible for overseeing all of Citi’s regulated activity in the kingdom.
Al-Khatib will report to Linos Lekkas, head of Citi’s corporate and investment banking for Central & Eastern Europe, Middle East and Africa, and Carmen Haddad, vice chairperson for Citi Middle East, and country officer for Citi Saudi Arabia.
Al-Khatib spent 15 years at NCB Capital where, as head of its investment banking department, he played a prominent role in the Aramco initial public offering [IPO].
Citi was granted a securities market licence by the Kingdom’s Capital Market Authority (CMA) in 2017.
Since then, the US bank has sought to ramp up its presence, including membership of the Saudi stock exchange in order to offer trading and clearing services to its institutional clients.
“The Kingdom of Saudi Arabia is a critical component of Citi’s Middle East strategy and is an essential growth market for Citi globally,” said Haddad.
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