After 19 Years with US Bank, Citigroup's MENA Head Antonios Leaves

A person with knowledge of the matter said that Elissar Farah Antonios, who has been with Citigroup Inc. for almost twenty years, is leaving the company as one of the Middle East's most experienced women bankers.

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There are reports that Antonios, the bank's chief operating officer in the Middle East and North Africa region as well as its chief executive officer in the United Arab Emirates, has resigned a few months ago, the sources told them, declining to identify themselves for the sake of privacy. Apparently, she has just left Citigroup and plans on taking a break from banking, they said. 

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Based on a memo that was seen by Trade Algo, Shamsa Al-Falasi will be appointed as CEO of Citibank, N.A. UAE Onshore Branch, subject to central bank approval. Her role in that position will involve overseeing all of the company's businesses and operations within the local legal entity as well as working closely with the CCO in the UAE as well as business partners to maximize the effectiveness of the franchise, the memo stated.

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Citigroup has confirmed Antonios' departure and the contents of the memo received from a representative for the bank confirmed Antonios' departure and the contents of the memo. Al-Falasi will continue to serve as Citigroup's interim country officer in the UAE until a permanent appointment is made.

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A key region of the world

The Middle East is one of the key regions in which Citigroup is planning to expand its presence in a number of areas. It has decided, in the year 2021, to focus on four wealth centers - Singapore, Hong Kong, the United Arab Emirates and London - while seeking to exit 13 markets across Asia and Europe altogether. 

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As the head of the bank in Abu Dhabi, Antonios joined the New York-based lender in 2005 as the first woman to run Citigroup's business in the region. He has been in financial services for more than 25 years in the region. As a result of her appointment in 2020, Citigroup will be the first woman to head the region's business, and she will be the UAE country officer for the next three years.

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UAE's economy has proven more resilient than many other financial centers when it comes to concerns over a slowdown. A London-based investment migration consultancy, Henley & Partners, has predicted that the UAE is poised for the net inflow of 4,000 millionaires last year due to an influx of wealthy investors, particularly in Dubai. It has led many banks to expand their private banking business in the country, including HSBC Holdings Plc.