After spending more than five years at the margin foreign exchange business of Citigroup, Ramy Soliman has decided to move on with his career in the aftermath of the news about the sale of CitiFX.
The client book of Citigroup’s margin FX business was sold to FXCM and Saxo Bank earlier this year in May. In April, FortuneZ reported that Citigroup was looking to get rid of its $30 billion a month CitiFX Pro division. The surprising news about FXCM checking out the client book hit the wires and triggered a lot of speculation about the deal.
A number of market participants expressed the opinion that no cash agreement had been brought to the table considering FXCM’s difficult task to repay its lifeline to Leucadia National, after borrowing it in the aftermath of the Swiss National Bank debacle.
With FXCM’s UK and US entities taking over the clients of CitiFX Pro in their respective regions, Saxo Bank acquired the Far East business regulated by the Monetary Authority of Singapore (MAS).
After having served in the EMEA margin FX sales department for a number of years, Mr. Soliman will bring his expertise in selling e-FX liquidity prime brokerage solutions for institutional clients to Integral.
According to the LinkedIn profile of Mr. Soliman the move took place in June, weeks after the announcement about the sale of CitiFX Pro.
Clients include regional banks, brokers, hedge funds, prop trading groups, CTAs and active individual traders throughout the EMEA region.
While at Citi, he was responsible for crowded market spaces such as the UK and Cyprus, as well as Greece, Lebanon, Turkey, Jordan, UAE, Bahrain, Qatar, BVI and the Cayman Islands.