Middle East Rising: Citigroup Moves Alberto Verme, Global Co-head, I-Banking, To Dubai
Middle East is turning a very important centre of international financial markets. We know that the oil-rich region is a major source of capital for private equity and buyout funds. Interestingly, Citigroup will be the first global financial powerhouse to realise that if its latest move is any indication. The US based banking group has sent Alberto Verme, co-head of its investment bank, to Dubai. Verme will be the first major US investment-banking chief to be stationed in Dubai. Verme will continue to share global responsibility for investment banking with Ray McGuire, who remains based in New York.
Citigroup said Verme’s assignment “underscores Citi’s commitment to the Middle East, one of the world’s fastest-growing and most important regions, and is consistent with Citi’s efforts to deploy its best leaders against its most important and promising growth opportunities.” It’s a coincidence that the region has one of Citi’s largest shareholders - Saudi Arabia’s Prince Al-Walid bin Talal (owns 5 per cent) - besides Abu Dhabi Investment Authority from whom Citi got a $7.5 billion life saving investment last November.
Interestingly, Citi has given a goby to India and China - considered the fastest growing markets - in favour of Dubai.
