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Citigroup relocating investment banking co-head to Dubai

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May 8, 2008

NEW YORK—Citigroup Inc. said Thursday it is relocating one of its global co-heads of investment banking to Dubai in the United Arab Emirates.

Alberto Verme will continue to lead investment banking operations in conjunction with Ray McGuire, who will remain in New York.

Citigroup, which has had offices in the Middle East for more than 50 years, has recently received billions of dollars in new investments from individuals and investment groups in the region as it tried to shore up its capital position in the wake of deterioration in the global credit markets.

In November, the Abu Dhabi Investment Authority invested $7.5 billion in Citigroup. In January, the Kuwait Investment Authority and Saudi Arabia's Prince Alwaleed bin Talal were part of a broader $12.5 billion investment in the bank.

Shares of Citigroup rose 22 cents to $24.70 in premarket trading.

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