(Reuters) – Citigroup’s Institutional Clients Group on Thursday named insider Naveed Sultan as chairman, according to an internal memo seen by Reuters.
Sultan, who has been serving as the global head of Citi’s Treasury and Trade Solutions (TTS) since 2011, would build a new “Digital Policy, Strategy and Advisory practice” across all client segments, Citi ICG Chief Executive Officer Paco Ybarra said in the memo.
Besides other objectives, this practice will advise governments on digitizing their economies, Ybarra added.
Sultan will continue in his role as head of TTS until the appointment of a new head, according to the memo.
The incoming chairman has also served as the region head of Citi’s Global Transaction Services for Europe, Middle East and Africa, from 2007 to 2011, according to his LinkedIn profile.
Citi’s ICG posted $10.35 billion in revenue in the third quarter, a 5% increase from last year. (http://citi.us/2G8VTAM)
(Reporting by Imani Moise in New York and Niket Nishant in Bengaluru; Editing by Shailesh Kuber)