Elissar Farah Antonios, one of the Middle East’s most experienced female bankers, is leaving Citigroup Inc. after almost two decades, according to people with knowledge of the matter.
(Bloomberg) — Elissar Farah Antonios, one of the Middle East’s most experienced female bankers, is leaving Citigroup Inc. after almost two decades, according to people with knowledge of the matter.
Antonios, the bank’s head of operations in the Middle East and North Africa and chief executive officer in the United Arab Emirates, stepped down a few months ago, the people said, asking not to be identified because the matter is private. She left Citigroup recently and plans to take a break from banking, they said.
Shamsa Al-Falasi will become CEO of Citibank, N.A. UAE Onshore Branch in the country, subject to central bank approval, according to an internal memo seen by Bloomberg. In that role, she will have oversight of all the bank’s businesses and operations in the local legal entity and will work closely with the CCO in the UAE and business partners to drive the overall franchise performance, the memo said.
Al-Falasi will continue to serve as interim Citigroup’s country officer in the UAE until a permanent appointment is made, the memo said. A representative for Citigroup confirmed Antonios’ departure and the contents of the memo.
Key Region
The Middle East is a key region for Citigroup, which in 2021 decided to focus its global consumer bank presence on four wealth centers — Singapore, Hong Kong, the UAE and London — while pursuing exits from 13 markets across Asia and Europe.
Antonios joined the New York-based lender in 2005 as head of the private bank in Abu Dhabi, and has more than 25 years of financial services experience in the region. She became the first woman to run Citigroup’s business in the region in 2020 and became country officer for the UAE in 2016.
As other financial centers grapple with concerns over a slowdown, the UAE’s economy has proved more resilient. Dubai, in particular, is benefiting from an influx of wealthy investors and London-based investment migration consultancy Henley & Partners said the UAE was poised for a net inflow of 4,000 millionaires last year. That’s prompted banks including HSBC Holdings Plc to expand their private banking business in the country.
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