Citi announces key appointments in Financial Institutions Group and Global Transaction Services in the Middle East

Jervis Smith has been named Managing Director, Financial Institutions Group, Head of International Managed Funds and Middle East and Richard Street has been appointed Director, Securities and Fund Services Strategy & Business Development, Middle East and North Africa.

The appointments underscore Citi's commitment to seizing the numerous opportunities presented by the growing fund industry in the Middle East by growing its securities and fund services business in the region. Both Mr. Smith and Mr. Street are presenting at the Fund Forum 2007 Middle East Conference in Bahrain from 30-31 October.

As the Head of International Managed Funds and Middle East for Citi's Financial Institutions Group, Mr. Smith is responsible for the relationship management of Citi's clients in the investment community internationally and for all financial institutions in the Middle East. Prior to his current role, Mr. Smith was Co-Head of Financial Institutions in Europe, Middle East and Africa (EMEA) in Global Transaction Services. Mr. Smith is a Senior Credit Officer with 25 years of experience in corporate and private banking and was previously a Senior Banker responsible for a portfolio of fund management clients at Citi in New York and London.

Based in Dubai, Mr. Street is responsible for the strategic development of Citi's Securities and Fund Services capabilities in the Middle East and North Africa region and for developing client relationships across the product range. Prior to his current role, Mr. Street was the Co-Head of Securities and Fund Services sales in EMEA, with specific responsibility for the UK, Ireland & Channel Islands, the Nordic region, Central and Eastern Europe, Middle East and Africa. Mr. Street has been a member of the securities and fund services sales team at Citi for over 10 years and previously worked within Global Custody Product Management focusing on product development for customer delivery solutions.

Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for Citi in the UAE, said, "The new appointments will add depth to our regional coverage strategy and will meet the growing needs among the region's top institutional investors for world-class investments. The significant potential for the Financial Institutions Group and Global Transaction Services business in the Middle East calls for a dedicated team of seasoned professionals to cover the region in partnership with Citi's expanded team on the ground."

"Mounting private wealth, a deepening equity culture and a fast-improving regulatory backdrop are prompting new interest in the Middle East region among international asset managers," said Mr. Smith. "Citi recogniss the demand for a truly global provider to work in partnership with the region's securities and funds industry and is engaged in developing our local securities and fund services presence in the Gulf States."

"Citi's move into offering securities and fund services in the Middle East reflects our commitment to a region where we have had a presence for more than 50 years," said Mr. Street. "With product experts located in the Middle East region supported by our global network of securities services operations, Citi is well placed to help shape the Middle Eastern funds industry and assist it in its international product development."

Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.

At Fund Forum Middle East, Mr. Smith will be moderating the Middle East CEO Global Panel on Tuesday 30 October entitled "Creating A Successful Business Model For The Middle Eastern Fund Management Industry: Pinpointing Where To Focus And Who To Target." For further information, kindly visit: www.icbi-fundforumme.com.