Citi names American Express exec to head Brazil

Fri Jun 22, 2012 11:41pm IST

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* Marin to quit as Citigroup's head in Brazil

* Citigroup taps Magalhães to replace Marin

* Magalhães was executive at American Express

SAO PAULO, June 22 (Reuters) - U.S. lender Citigroup Inc. tapped Hélio Magalhães on Friday to head its operations in Brazil, where buoyant demand for consumer and corporate credit and capital markets advisory services is helping prop up profit.

Magalhães will return to the New York-based bank after 12 years at American Express Co, where he served as head of global networks services for the Americas and president of its Brazilian unit, the company said in a statement.

He replaces Gustavo Marín, who was Citigroup's chief country officer for Brazil since 2005. Magalhães will report to Francisco Aristeguieta, currently, the bank's chief executive officer for Latin America, the statement said.

"We count on Hélio's experience to expand even more our presence in Brazil, strengthening our ties with clients and fostering growth in the country," a statement quoted Manuel Medina-Mora, CEO of Citigroup's Global Consumer Banking and chairman for Mexico and Latin America, as saying.

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