Citigroup Inc. (C:US), the U.S. bank downgraded by Moody’s Investors Service to the lowest level in 14 years yesterday, named Helio Magalhaes as country officer of its Brazilian unit.
Magalhaes, who will replace Gustavo Marin, will report to Francisco Aristeguieta, the lender’s chief executive officer for Latin America, according to an e-mailed statement. He joined Citigroup after 13 years in several positions at American Express Credit Corp., including president of the Brazilian division.
“We count on Helio’s experience to further expand our presence in Brazil, establishing strong client relationships and driving growth in the country,” Manuel Medina-Mora, chief executive officer for global consumer banking and chairman of Mexico and Latin America, said in the statement.
Citigroup is the 11th largest bank in Brazil with 55.9 billion reais ($27.1 billion) in assets at the end of March, according to data from the central bank. The company has 7,000 employees and 101 branches in Brazil, according to the statement.
Marin has served as country officer for Brazil since 2005, according to the statement. His new duties at Citigroup aren’t set yet, Claudia Lima, a Citigroup spokeswoman for Latin America, said in a telephone interview from Miami.
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