Ahmed will assume his new role upon regulatory approvals, and will be responsible for all Citi's businesses across the franchise in the Philippines. He will report to Michael Zink, head of ASEAN and Citi country officer for Singapore. This will be Ahmed’s third CCO and country head appointment in his nearly four-decade international career with Citi, the firm said.

"The Philippines is an important market for Citi and we are pleased to welcome Aftab as the new country head. As a 39-year veteran 'Citibanker', he has vast experience in banking around the world and will play a critical role in protecting and leading the Citi franchise in the Philippines,” Zink said in a statement.

As well as chief country officer for Citi Hungary, Ahmed is also region head for Hungary and the Balkan and Baltic regions in Central & Eastern Europe. Prior to this, he was CCO for Citi Egypt.

His appointment comes at a time when the country's economic growth - despite a recent downward move - has been strong, and among the strongest in the Asia-Pacific region.

During his career, Ahmed has worked for Citi in 10 countries across North America, Europe, Middle East and Africa, and Asia-Pacific. His experience covers disciplines including business banking, corporate banking, correspondent banking, consumer banking, distribution, operation and technology, and treasury.

Senior roles at the country level included those of consumer business manager for Pakistan, corporate bank head in New Zealand, and O&T head for Citibank in both Taiwan and Germany. He has also held senior cluster and regional roles including director of retail branch expansion and operations for Citibank North America, consumer finance head for Asia-Pacific, and consumer cluster head for Pakistan, Middle East and Egypt.

Citi has been present in the Philippines since 1902 and says it is the largest foreign bank in the country.