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Citi appoints Lodhi as CEO for Pakistan - sources

Source : REUTERS
Last Updated: Sun, Apr 22, 2012 16:23 hrs

DUBAI (Reuters) - Citigroup Inc has appointed Nadeem Lodhi as chief executive officer for its Pakistan business and the U.S. banking giant plans to focus more on corporate banking in the country, two sources aware of the matter said.

Lodhi, who joins Citi from Dubai-based private equity firm Abraaj Capital, will mainly focus on growing the bank's corporate and investment banking business. At Abraaj, he managed the firm's business in sub-Saharan Africa.

A spokesman for Citi in Dubai declined to comment. And Abraaj spokesperson was not immediately available for comment.

Citi established its presence in Pakistan in 1961 and operates in Islamabad, Lahore and Karachi. The bank lead-managed the last three consecutive international sovereign bond issues.

The bank, which has 11 branches in Pakistan, is also looking at consolidating its business across the country, one of the sources said.

"The bank is considering various options for its retail business in Pakistan and may consolidate branches into six from the current 11," the source said.

A potential exit of Citi's retail banking in Pakistan follows HSBC's announcement earlier this month that it plans to sell its retail operations in the country.

(Reporting By Mirna Sleiman; Editing by Dinesh Nair)




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