Citi’s Institutional Clients Group (ICG) has named Naveed Sultan, the bank’s current global head of treasury and trade solutions (TTS), as its new chairman.

According to an internal memo, Sultan will be tasked with leading a new digital policy, strategy and advisory practice across all client segments, and will start the role once Citi finds his replacement for the TTS position.

Paco Ybarra, Citi ICG’s CEO, notes in the memo that Sultan “will also continue to engage closely with TTS to provide support and guidance on strategy, execution and clients”.

He makes the switch after more than eight years as global head of TTS, having spent the previous four years as Citi’s global transactions services (GTS) head for Emea. Both roles were based in London.

According to Ybarra: “This new practice will advise governments to develop policies to digitise their economies including their financial systems.”

“It will also provide guidance and thought leadership to corporates and financial institutions to transform their businesses and operating models to stay relevant in an increasingly digital world,” he adds.

Ybarra says that Sultan will help the bank with its senior interactions with sovereigns, “with a particular focus on emerging markets, to help strengthen our relationships and to create commercial opportunities”.

Sultan will also work with Ybarra and the regional CEOs and business heads to develop approaches and response strategies for the structural shifts of globalisation and market transitions.

Citi has made a number of changes to its TTS department in the past year, with one notable switch seeing Ebru Pakcan take on the global head of trade for TTS post. She replaced retiring industry veteran John Ahearn in February.