Citing two unnamed people with knowledge of the situation, Bloomberg said Citigroup (NYSE:C) has hired Rob Biro away from Goldman Sachs (NYSE:GS) to head up their global oil trading unit based in Singapore.
Biro had been vice-president for middle distillates for Goldman's J. Aron & Co. unit in Singapore.
Growing demand for energy products in Asia has financial institutions bulking up on traders in the sector to meet the increasing interest of investors.
Singapore is a big player in the Asian trading market, and has been offering companies incentives and tax breaks to increase their trading desks in the country.
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