Citi announced this Tuesday (3) executive André Cury as its new president in Brazil. The current person responsible for the Brazilian operation, Marcelo Marangon, is moving to New York, where he will take on a global role, as co-responsible for the Corporate Banking area of the North American bank.
The bank sought an internal solution to occupy the position to be left by Marangon in Brazil. Cury has held the position of head of commercial banking for Brazil and Latin America since 2023.
According to a statement, during his tenure, Cury repositioned the commercial banking business in the region, with strong expansion in Brazil, an increase in the customer base, an emphasis on the internationalization of companies, the structuring of local teams and the expansion of Citi’s presence in key sectors in the country and the region. The succession process for Cury’s position will begin soon, according to the statement.
“The Brazilian market is very sophisticated and competitive, and Citi has presented solid and consistent results. Furthermore, the Brazilian franchise occupies a key place in the bank’s global strategy”, says Cury in the statement, highlighting that its commitment is to continue “the strong expansion cycle outlined so far”.
For the presidency of Citi, the executive still needs to be approved by the Central Bank.
Cury has more than 25 years of experience in the financial sector and started at Citi in 2006, in São Paulo, where he held several positions in the wholesale bank. Before joining Citi, he worked for seven years at BankBoston and also worked, from 2009 to 2013, at HSBC and Itaú BBA. Cury returned to Citi in 2013.
Continues after advertising
At the end of January, Marangon was announced for the position in New York. As a result, the post of president in Brazil had become vacant. Marangon will be the first Brazilian executive to reach the global position in the area of large companies and will work alongside Kaleem Rizvi.
Under Marangon’s command, Citi had a record net profit of R$2.9 billion in 2025, an increase of 28% compared to 2024, despite the more selective approach to credit. Return on equity (ROAE) increased four percentage points, to 22%.
Brazil maintained its position as Citi’s fifth largest operation in the world in terms of results generated for the group, even with other countries with economies growing faster, such as India.
Continues after advertising
In Brazil, Citi remains the leader in foreign exchange, custody for foreign investors and external issues, in addition to having participated this year in two share offerings of Brazilian companies in New York – PicPay and Agibank.
