Revolving Door: Huge change at Citigroup in the Middle East

Mohammed Shroogi, a 30-odd-year Citigroup veteran in the region, is resigning from his post at the mammoth bank and taking a job at Investcorp, an alternative asset manager based in Bahrain.

It's a big move for Shroogi and an impressive grab for Investcorp, which deals in private equity, hedge funds, property and technology investment and has roughly $13 billion in assets under management.

Prior to joining Investcorp, Shroogi had served for 32 years at Citigroup. He had risen to become managing director for the Middle East, prior to which he had been Citi's chief executive for the UAE, among other posts at the bank.

"Mohammed Al-Shroogi is one of the most experienced bankers in the Gulf, having had an exemplary career running Citigroup across the region," Nemir A. Kirdar, Investcorp's chairman and chief executive, said in a statement. "He will bring unparalleled depth of expertise and he will be instrumental in positioning our great firm in this region for the future."

Shroogi is said to be leaving Citi in September, according to a Zawya Dow Jones report. There's no word yet on his replacement.