Barclays lures Citi's Frits Seegers to head retail and commercial banking

Barclays lures Citi's Frits Seegers to head retail and commercial banking

The UK's Barclays Bank has appointed Citigroup's Frits Seegers as chief executive of its global retail and commercial banking division.

Barclays says it will pay Seegers £8.5m in cash and share awards over the next three years to compensate him for his departure from Citigroup. Seegers will earn a basic salary of £700,000, a 2006 bonus of £1.6m and will be in line for a performance-related bonus of a further £1m.

Dutch national Seegers held senior positions at Citigroup for over 17 years. Most recently he was CEO global consumer group, with a remit covering all retail operations in Emea. Prior to this he was EVP for international retail and international cards, with responsibility for all retail banking and credit cards outside the US.

Between 2001 and 2004, Frits was CEO of consumer banking for Asia Pacific. Prior to this he developed Internet banking for Citibank and held various posts including division executive for Japan, president of Citibank California, marketing director for Citibank Direct and marketing director Citibank Belgium. He joined Citigroup in Germany in 1989 as an associate.

Seegers will take up his new post on 10 July and will report to John Varley, group chief executive. Seegers will assume responsibilities of David Roberts, Barclays' chief executive for international retail and commercial banking, who is leaving the bank later this year.

Barclays says Gary Hoffman, currently chairman of UK banking and Barclaycard, will become group vice chairman.

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