Citigroup, Inc (NYSE: C) has hired a former Goldman Sachs Group Inc. (NYSE: GS) executive to lead its global oil trading business in Singapore. The executive, Rob Biro, will be the head of the first worldwide trading base of its kind in the city.
Biro, age 42, will take on the position beginning in September, reported Bloomberg citing anonymous sources. He previously worked at Goldman Sachs Group Inc. (NYSE: GS)’s J. Aron & Co. in Singapore as vice-president for middle distillates.
Banks and trading firms including Standard Chartered Ltd., Australia & New Zealand Banking Group Ltd., Societe Generale SA, Mercuria Energy Ltd., Noble Group Ltd. and Trafigura Beheer BV are hiring energy traders in Asia because of the rising demand in the region for coal, oil and natural gas. Singapore is an Asian hub for oil trading and offers tax breaks and incentives to get companies to boost their trading desks in the city-state.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded up 0.50% during morning trading hitting $4.00 by 12:04 ET.
