Lazard Ltd. is set to hire Citigroup Inc.’s chief executive officer for Saudi Arabia to bolster the boutique financial advisory firm’s operations in the oil-rich kingdom.
(Bloomberg) —
Lazard Ltd. is set to hire Citigroup Inc.’s chief executive officer for Saudi Arabia to bolster the boutique financial advisory firm’s operations in the oil-rich kingdom.
Wassim Al Khatib is expected to join in a senior role at the firm’s Middle East business, according people familiar with the matter. Lazard and Al Khatib couldn’t be immediately reached for comment.
Citigroup confirmed Al Khatib’s resignation and said Carmen Haddad, vice chairperson for Citi Middle East and country officer in Saudi Arabia, will be acting CEO as the bank seeks to replace Al Khatib.
The bank appointed Al Khatib as its CEO in Saudi Arabia in 2021. He was previously head of investment banking at NCB Capital and was one of the key bankers on the initial public offering of Saudi Aramco in 2019, the biggest ever after raising almost $30 billion.
- Read: In 2021; Citigroup Is Said to Name Key Banker on Aramco IPO as Saudi CEO
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