UPDATE 1-Citigroup names Jane Fraser as president

Imani Moise and C Nivedita

(Adds details, context)

Oct 24 (Reuters) - Citigroup Inc said on Thursday that the chief executive of its consumer bank Stephen Bird is leaving the company and Latin America CEO Jane Fraser will lead the business and become its president.

The president title has been vacant since former head of Citi's institutional clients business, Jamie Forese, left the bank earlier this year.

At companies the title is often seen as a sign that an executive is being groomed to be the next CEO; However, in the memo current chief executive Mike Corbat indicated that he does not have immediate plans to leave.

"I remain committed to leading our firm in the coming years and look forward to working even more closely with Jane in her new roles," he said.

Fraser, a 15-year veteran of the company, is seen as a rising star on Wall Street and was thought of as potential candidate for CEO positions at other banks.

Bird leaves the bank after more than 20 years.

In the Latin America business, Fraser will be succeeded by Ernesto Torres Cantu who was CEO of Citi's retail bank in Mexico, Citibanamex. (Reporting by C Nivedita in Bengaluru; Editing by Shailesh Kuber and Daniel Wallis)