Business
Ade Ayeyemi named Chief of Sub-Saharan Africa Division of Citigroup
(Reuters) – Citigroup announced on Tuesday it had appointed Ade Ayeyemi (pictured), a 25-year veteran of the bank, as its chief executive for sub-Saharan Africa.
Ayeyemi, who previously led Citigroup’s transaction services on the continent, takes over from Naveed Riaz. Citigroup has operations in 12 sub-Saharan African countries and a history in Africa dating back to the 1950s.
But, it faces increasing competition on the continent from local lenders and other banks targeting the rising trade between the increasingly important continent and other emerging markets.
Ayeyemi told reporters in July Citi expects its revenue from African operations to substantially grow this year and that it is hoping to upgrade its Ghanaian business into a subsidiary from a representative office.
The bank has introduced a direct custody and clearing business and hired new staff to run it, he said.