UPDATE 1-Citigroup co-investment bank head moving to Dubai

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NEW YORK, May 8 (Reuters) - Citigroup Inc (C.N: Quote, Profile, Research), the largest U.S. bank, said on Thursday that Alberto Verme, a co-head of investment banking, will move to Dubai from London to help add business in the fast-growing Middle East.

Ray McGuire, the other co-head of investment banking, will retain that role and remain based in New York.

The Middle East is a growing area of importance for large banks. The area is benefiting from rising oil prices, and is home to wealthy investors and sovereign wealth funds that have in recent months invested billions of dollars in banks worldwide, including Citigroup.

"We want our clients in the region and around the world to know we are convinced of the region's long-term and immense growth opportunities," Citigroup Chief Executive Vikram Pandit said in a statement.

Citigroup, based in New York, said it has operated in the region for more than 50 years.

Verme comes from Peru, and has worked for Citigroup and its predecessors since 1994. He has been in his current role since 2004.

From 2001 to 2004, Verme was head of global energy, power and chemicals investment banking. He joined Salomon Brothers in 1994 as head of investment banking for Latin America. (Reporting by Jonathan Stempel, editing by Maureen Bavdek and Dave Zimmerman)