Citigroup Inc named Carmen Haddad as the head of its Saudi Arabia business, as the US bank seeks to return to the kingdom after a more than 10-year absence, according to people familiar with the matter. Haddad is currently leading Citigroup's strategy and business development for the kingdom, which the bank designates as a non-presence country, said the people, asking not to be identified because the appointment isn't public. She is also set to become the lender's chief executive officer in Saudi Arabia once it gets a banking license from the market regulator, the people said. Citigroup is in advanced discussions with Saudi Arabia's Capital Market Authority for an investment banking license to operate in the country, people said last month. The firm lost a key banking license when it sold its stake in Samba Financial Group in 2004. Saudi Arabia is becoming more attractive to foreign banks as it takes steps to overhaul its economy, including plans for what could be the largest ever initial public offering with the sale of shares in Saudi Arabian Oil Co. Haddad will continue in her role as CEO of Citigroup's Qatar operations until a replacement is found,. She will also stay in her position as a senior private private banker in the GCC, Egypt and the Levant, people said. Haddad joined Citi Private Bank in the Middle East in 2000, and was previously in the private client services division of what was Merrill Lynch. She also worked as a financial consultant to Middle East and North Africa institutional and private clients at what used to be Lehman Brothers. — Bloomberg
