Lazard Ltd. is set to hire Citigroup Inc.’s Saudi Arabia chief executive officer to bolster the boutique firm’s financial advisory operations across the oil-rich Persian Gulf.
(Bloomberg) —
Lazard Ltd. is set to hire Citigroup Inc.’s Saudi Arabia chief executive officer to bolster the boutique firm’s financial advisory operations across the oil-rich Persian Gulf.
Wassim Al Khatib is expected to join Lazard as CEO for its Middle East and North African financial advisory business, according to people familiar with the matter. He worked at the New York-based bank for about 15 months.
A representative for Lazard and Al Khatib couldn’t be immediately reached for comment.
Citigroup confirmed Al Khatib’s resignation and said Carmen Haddad, vice chairperson for Citigroup Middle East and country officer in Saudi Arabia, will be acting CEO as the bank seeks to replace him.
Citigroup Is Said to Name Key Banker on Aramco IPO as Saudi CEO
Al Khatib joined Citigroup as CEO in Saudi Arabia in 2021. He was previously head of investment banking at NCB Capital for about 15 years.
The Saudi national was one of the key bankers on the initial public offering of Saudi Aramco in 2019, the biggest ever share sale that raised almost $30 billion.
(Updates with details of Khatib’s new role in second paragraph)
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