Citi Brazil announced on Tuesday, March 3, that André Cury , current head of commercial banking for Brazil and Latin America, will succeed Marcelo Marangon as president of the Brazilian operation.
According to the bank, the succession process is already underway. Marangon is leaving his position as head of the Brazilian franchise to assume the role of global co-head of corporate banking at Citi. The appointment is still subject to regulatory approvals. The succession process for the head of Commercial Bank will begin "soon".
"I am extremely honored to assume the presidency of Citi Brazil and motivated by this new challenge. The Brazilian market is sophisticated and competitive, and Citi has delivered solid and consistent results," said Cury in a statement. "My commitment is to continue the expansion cycle outlined so far, deepening our relationship with our clients through our global platform and strong local presence."
Responsible for Citi's commercial banking area for Brazil and Latin America since 2023, Cury is also a member of Citi's executive committee in Brazil, the operational committee in Latin America, and the executive committee of Citi Commercial Bank.
Cury had his first stint at Citi between 2006 and 2009, holding various positions in corporate banking. Before that, he worked for seven years at BankBoston, where he began his career. From 2009 to 2013, he worked at HSBC and Itaú BBA .
Holding degrees in Business Administration from Fundação Getúlio Vargas (FGV-SP) and Law from the University of São Paulo (USP), with a master's degree in Finance and Economics, Cury returned to Citi in 2013 as industry head. He was appointed co-head of corporate banking in September 2017 and, in January 2021, head of commercial banking in Brazil.
The executive will take over after the Brazilian franchise closes 2025 with record profits , supported by so-called recurring businesses such as liquidity management, foreign exchange, custody, derivatives, working capital, and trade finance.
Citi Brazil closed last year with a profit of R$ 2.9 billion, a 28% increase compared to 2024. Return on average equity (ROAE) rose from 18% to 22%.
Cury will face the challenge of maintaining this pace and advancing on "sporadic" fronts, gaining ground in capital market operations. The year started well for Citi, which led the PicPay IPO and was part of the syndicate that coordinated the Agibank operation.
He will also have to deal with a still complex credit environment, which led the bank to adopt a conservative stance on lending last year.
The loan portfolio ended the previous year virtually stable, at R$ 53 billion. The delinquency rate for loans overdue by more than 90 days also remained stable, at 0.8% of the portfolio.
