The bank has decided to transfer its private banking core for Southern Europe to Madrid from London due to Brexit. A Spanish trident sits at the top of Citi: Paco Ybarra is the Head of the Institutional Clients Group; Manolo Falcó is the Global Co-director of Investment Banking, and Fernando López Muñoz is the Director of Private Banking for Southern Europe. The business area in Spain and Portugal, which currently employs about 25 people, will add another ten staff members by September, according to Cinco Días.
The Spanish capital will be a fundamental pillar for the investment banking arm for Southern Europe. This division contributes around 35% of the business for that regional unit, which includes Spain, Portugal, Greece, Italy and Turkey. In turn, these countries represent a ‘mine’ for the business of all of EMEA: Europe, the Middle East and Africa.