Citi Private Bank has snagged a senior banker from rival JP Morgan Private Bank to lead the firm’s expansion in South Florida.  Luke Palacio will join Citi Private Bank as managing director and regional market manager for the South East region on March 18 and will report to Paul Hubert, global market manager for the Eastern region.  He will be based in Miami, the firm announced Monday.

In his new role, Palacio will look to expand the firm’s presence throughout South Florida beyond the key locations of Miami, Boca Raton and Palm Beach. He will also undertake a strategic focus on ultra-high-net-worth Latin American clients based in North America. In addition, he will support the expansion of Citi Private Bank’s Ultra High-Net-Worth Group across Latin American markets such as Chile, Argentina, Peru and Colombia, the bank said.

At JP Morgan Private Bank, Palacio served as managing director and senior banker in Miami, where he led a team of specialists who delivered services and advice to ultra-high-net-worth families. He also served as a member of the Private Bank Latin America Operating Committee for seven years, according to Citi Private Bank. Before joining JP Morgan in 2000, Palacio spent 11 years working in corporate finance at ANZ Bank and NatWest, focused on financial institutions, energy and natural resources.

“Luke brings with him over 20 years of experience in delivering banking and investment management solutions to clients, with many of those years spent servicing the ultra-high-net-worth segment in the South East region and Latin America,” Hubert said in a statement. “His well-established network in this market makes him an ideal fit to lead our regional team. We are thrilled to welcome him on board.”