Citigroup Inc. has appointed Carmen Haddad to lead its operations in Saudi Arabia, as the lender seeks to reestablish business in the kingdom after a 13-year absence, Bloomberg reported, citing sources familiar with the matter.
Haddad currently heads Citigroup’s strategy and business development for Saudi Arabia, and is said to become CEO once the New York-based lender secures a banking license from the Capital Market Authority (CMA), the Saudi market regulator.
Citigroup officially applied for a capital market business license last month from the CMA, as it looks to capitalize on financial reforms in Saudi Arabia. The lender lost its Saudi banking license when it sold its stake in Samba Financial Group in 2004.
Haddad will continue to serve in her current role as chief executive of Citigroup’s Qatar business until a replacement is found, the sources said.
She will be the latest woman to be appointed to a top role at a financial institution in the socially conservative kingdom, after three major appointments earlier this year.
Sarah Al-Suhaimi was elected as chairperson of the Saudi Stock Exchange (Tadawul) in February, while Rania Mahmoud Nasha was named CEO of Samba.
In the same month, Arab National Bank appointed Latifah Al-Sabhan as chief financial officer, Al-Arabiya TV reported.
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