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Investing.com -- Citigroup (NYSE:C) has named Aashish Dhakad as the head of its private credit origination division in North America, as the bank seeks to expand its presence in the growing private credit market.
Dhakad, who brings two decades of industry experience, will join the third largest U.S. lender in October, according to Reuters, citing an internal memo. He most recently worked at investment manager Ares Management (NYSE:ARES) and previously spent a decade at Bank of America.
In his new role, Dhakad will be based in New York, focusing on a segment that has become increasingly important for traditional banks.
Private credit involves loans provided by non-bank lenders that face fewer regulations than traditional banks. These loans typically go to riskier borrowers or companies pursuing debt-heavy buyouts.
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