Citigroup Inc. hired Luke Palacio for its private banking unit to focus on high-net worth Latin American clients based in North America, luring him away from JPMorgan Chase & Co. (JPM)

Palacio will based in Miami and report to Paul Hubert and Genaro Poulat, according to an e-mailed statement. Palacio will look to expand the bank’s presence in South Florida, and support the growth of Citi Private Bank in Chile, Argentina, Peru and Colombia, according to the statement.

To contact the reporter on this story: Veronica Navarro Espinosa in New York at vespinosa@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net