Citi has hired Pritpal Gill, formerly global head of FX options trading at Lehman Brothers, as head of FX trading in Asia as it strengthens its franchise in the region.
In addition, Nadir Mahmud, formerly the head of Citi’s Fixed Income, Currencies and Commodities (FICC) business in Sub-Saharan Africa, has moved to Singapore to head all of the bank’s FX and local markets trading business in Asia, which includes the local currency balance sheet and FX and local rates trading.
Mahmud reports to Anil Prasad, the recently appointed global head of FX and local markets (see Squawkbox, February 12) while Gill reports to Mahmud.
Citi says it sees considerable growth in Asia, in particular with the investor community, and is appointing the highest quality people to maximise its presence there.
“Asia is a key focus for us right now. We have one of the best franchises in a region that is growing much quicker than Europe or the US,” says Mahmud. “Hiring Pritpal will help us leverage our trading business better and, if we get it right, Asia will probably be the fastest growing area within the bank. We’re going to put more focus, attention and resources in East Asia in order to better service our clients with quality advice, information and execution.”
In other moves, the bank has hired Jin Sool Joo as chairman and CEO of Citi Global Markets Korea Securities. He reports to Robert Morse, CEO, Asia Pacific for corporate and investment banking at Citi Global Markets.
A spokesperson tells Squawkbox that Joo’s task is to expand Citi’s business, which includes FX sales and trading, in the country.
Jin was previously Korea country head for Barclays Capital Securities, where he led the development of a debt capital markets business. He has more than 30 years’ experience in investment banking, sales, debt and equity capital markets.