Citi has appointed Ebru Pakcan as global head of trade for treasury and trade solutions (TTS), replacing industry veteran John Ahearn, who has informed the bank of his decision to retire.

Pakcan joined Citi in 1997 as a project manager in the technology team in Turkey. Since then, she has held numerous roles within the bank, including a stint as global head of payments and receivables and most recently as head of TTS for Emea since 2016.

Based in London, she will be responsible for leading the bank’s global trade product strategy, developing differentiated client value propositions, and driving digitisation and innovation for the business. She will report to Naveed Sultan, global head of TTS, with Ahearn continuing to be responsible for the global trade organisation as she transitions into the role.

Ahearn has spent his entire career in trade. After graduating from university, he took a management trainee role in JP Morgan’s trade division, subsequently moving to Bank of New York where he was responsible for business development, trade finance, correspondent bank relations and foreign exchange trading. He then spent a decade at ABN Amro in Chicago where he headed the North American trade and financial institutions trade sales teams, before joining Citi in 2004 to lead TTS trade, taking the bank from being a relatively small player to being ranked number two for trade globally. He was appointed as Citi’s chairman of trade in October last year.

“As Emea head of TTS, Pakcan has been instrumental in driving the continued growth of the business in our largest region, delivering innovative solutions in payment, cash management and trade financing to meet the evolving needs of our clients,” says Sultan, adding: “Given the unprecedented changes in the financial services industry brought about by the advent of technology, shifts in trade corridors and supply chains, and acceleration of cross border digital flows, it is critical that we not only maintain our market leadership in trade, but also chart the course for our future business model.”

Citi is currently seeking Pakcan’s successor as Emea head of TTS. Until a replacement is appointed and approved by the UK regulators, she will maintain her senior manager responsibilities for the TTS business in the UK.