Citigroup appoints Raj Dvivedi to head its Kuwait operations

This appointment comes with the full support and approval of the Central Bank of Kuwait and shortly after Citigroup had been granted a full-banking licence in September.

Meanwhile, the bank has taken temporary office space at the Gulf Business Center located in Dar Alawadi at downtown Kuwait City where it expects to commence operations in April 2006. This comes ahead of its plans to move to permanent location at the prestigious Ahmed Tower on the corner of Arabian Gulf Street and Al Mulla Street.

Raj is a seasoned banker who has spent most of his career within Citigroup ranks, mainly in the Gulf region. He has extensive and diverse experience in the Middle East in the area of Corporate Finance and Commercial Banking with particular strength in Business Development, Corporate Risk Management and Operations.

Most recently, Raj held the position of Investment Finance Head at Citigroup Private Bank, and Division Credit Risk Manager for Middle East and North Africa within Citigroup. Prior to that he held various responsibilities covering Corporate Banking in the UAE including head of Citigroup's Corporate Banking and Financial Institutions Businesses for the Gulf Region. He also worked in various positions within consumer banking at Citibank New York.

"I am delighted to lead the Citigroup team that will establish our footprint in Kuwait. We have built strong and stable relationships with top Kuwaiti clients over the years and served them throughout the region out of Citigroup Bahrain," said Dvivedi. " We now enter a new phase of service as we move onshore. We will be supporting clients on the ground through a professional team of bankers who will ensure the highest standards of banking service to our clients in the country."

"Raj's diverse experience and strong Gulf exposure position him well for this important mission," said Michel Accad, Citigroup's Corporate and Investment Banking Head for the Middle East and North Africa Region. "As we charter a new market for the bank, the choice of leadership is critical. Raj has solid banking background as well as a portfolio of top client relationships which will prove to be of immense value for our Kuwaiti franchise."

Mohammed Al-Shroogi, Citigroup Managing Director - Middle East, said:

"Kuwait is an important GCC market which carries much potential for Citigroup. Raj is familiar with Kuwait as well as the rest of the region having groomed top corporate and high net worth relationships across the Gulf. Through our physical presence, we will use Citigroup's global reach and cross-market experience to customize finance and banking solutions for our clients in Kuwait."

Citigroup is currently present in eight Arab countries including the UAE, Bahrain, Jordan, Lebanon, Egypt, Tunisia, Algeria and Morocco. The Kuwait branch once operational will offer, in the first phase, Corporate and Investment Banking services. Thereafter, the services of other Citigroup businesses will be rolled including private banking and consumer banking services.