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Citi names veteran African banker as sub-Sahara head
September 17, 2013 / 8:56 AM / 4 years ago

Citi names veteran African banker as sub-Sahara head

JOHANNESBURG, Sept 17 (Reuters) - Citigroup said on Tuesday it had appointed Ade Ayeyemi, a 25-year veteran of the bank, as its chief executive for sub-Saharan Africa.

Ayeyemi, who formerly led Citigroup’s transaction services on the continent, takes over from Naveed Riaz who has taken a position with the bank in London. Citigroup has operations in 12 sub-Saharan countries and a history in Africa dating back to the 1950s.

But it faces increasing competition on the continent from local lenders and other international banks targeting the rising trade between emerging markets.

Ayeyemi told reporters in July Citi expects its revenue from African operations to grow this year and that it is hoping to upgrade its Ghanaian business into a subsidiary from a representative office.

The bank has introduced a direct custody and clearing business and hired new staff to run it, he said.

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