Citigroup has named Michel De Carvalho as chairman of its private banking business in Europe, the Middle East and Africa, as part of its strategy to establish an ultra high net worth franchise, reported Reuters.
Reportedly, Mr De Carvalho is also on the board of Citigroup Capital UK and is a member of the supervisory board of Heineken.
According to an internal memo, Mr De Carvalho will remain as vice chairman of Citigroup investment banking. He has 40 years of industry experience, reported the news agency.
