Citigroup appoints Aashish Dhakad as head of private credit origination in North America, aiming to increase market share. Dhakad, with 20 years of experience, joins from Ares Management. Private credit involves non-bank loans to riskier borrowers or companies. Citi partnered with Apollo Global for a $25 billion program in September 2024. Dhakad, previously at Bank of America, will be based in New York. Citi sees massive opportunity in corporate direct lending beyond traditional financing. The move highlights Citi’s push to expand in the private credit market, amidst increasing partnerships between traditional banks and private credit firms diversifying their focus.

Read more at Yahoo Finance: Citi names industry veteran as head of North America private credit, memo shows