Citi Private Bank is adding muscle to its foreign exchange team.
The company announced Monday it hired foreign exchange trading expert Oscar G. Salem as director and foreign exchange investment specialist. In this newly created position, Salem will oversee the bank's currency business in the Southwest region, acting as a "direct point of contact for the bank's ultra-high-net-worth clients," the banking company said.
Salem, who is based in New York, reports to Francois Du Pasquier, head of foreign exchange and commodities for Citi Private Bank, North America.
With Salem, the team now has five foreign exchange product specialists and one analyst in North America, the bank said in an e-mail. Citi expanded the team in response to growing interest in foreign exchange trading among ultra wealthy clients, those with $25 million or more in net worth.
Since 2005, when Du Pasquier joined the team as its leader, revenues for its foreign exchange business have tripled, Citi said in an e-mail.
Salem joins Citi from Krieger Capital Management in Houston, where he was head of investor relations. Before that, he worked for Wells Fargo in Houston as director and foreign exchange specialist covering Texas, New Mexico and Oklahoma. Prior to that, he held a number of foreign exchange sales and trading positions at HSBC and Banamex.
In an announcement, Du Pasquier said Salem's strong network throughout the Southeast and his track record of sales leadership in foreign exchange products made him a great asset to Citi Private Bank.
"[Salem] will play a key role in helping us continue to build our FX business, structuring solutions and offering advice to meet the sophisticated needs of our ultra-high-net-worth clients," Du Pasquier said in the statement.