Citi announced today that its Global Transaction Services division has appointed Steve Donovan as Head of Global Transaction Services, Middle East and Pakistan.
Based in Dubai, Steve will be responsible for driving Citi's strategy to meet the financial objectives for the region and ensuring client needs are serviced in an ever-changing environment.
Until recently, Steve has led the Europe, Middle East and Africa (EMEA) sales organisation for Treasury and Trade Solutions, which comprises over 50 countries.. Prior to joining Citi in 2007, Steve served in a number of senior business and client facing roles at JP Morgan Chase where he gained over 20 years' experience in the transaction services industry covering a wide range of products and geographies. His most recent role at JP Morgan Chase was that of Corporate Sales Executive for EMEA, Asia Pacific and US outbound business, with responsibility for treasury, trade, card products and public sector.
Naveed Sultan, CEO of Global Transaction Services for EMEA, Citi, said, 'Steve has been an asset to the Global Transaction Services business since joining in 2007 and has been a key player in helping to grow our franchise with extensive client relationships. The Middle East is an extraordinary marketplace - one demanding local solutions with global service standards. His appointment affirms our commitment to this important region.'
Citi has identified the Middle East as a strategic area for the Global Transaction Services business and has set a goal of delivering market leading capabilities and practices locally from within the Middle East. This build out has already begun with the launch of its direct custody and clearing operations to three UAE markets in January 2009, and its fund services to the Bahrain Regulated Funds announced in July 2008.
In addition, Citi launched its Issuer Services business in the Middle East in April 2009, providing on-shore agency and trust capabilities to clients in the Middle East. Richard Street was also appointed as Head of Securities and Fund Services (SFS), Middle East and Jason James as Product Head of Issuer Services in the Middle East and North Africa (MENA) - both based in Dubai and reporting into Steve.
Citi has been present in the Middle East for nearly fifty years and continues to view the region as critical to its global franchise. It is currently present in 11 Middle Eastern countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar, Pakistan and Kuwait.