NEW YORK, (Reuters) – Citigroup Inc, the largest U.S. bank, on Thursday said Alberto Verme, a co-head of investment banking, will relocate to Dubai to help add business in the fast-growing Middle East.

Ray McGuire, the other co-head of investment banking, will retain that role and remain based in New York.

Vikram Pandit, Citigroup’s chief executive, said the New York-based bank has operated in the Middle East for more than 50 years. “We want our clients in the region and around the world to know we are convinced of the region’s long-term and immense growth opportunities,” he said.

Verme comes from Peru, and has worked for Citigroup for 15 years. He has been in his current role since 2004.