Citigroup creates global team to pursue institutional M&A goals

Citigroup has appointed Sujit Banerji to head its proprietary mergers and acquisitions activities in Europe, the Middle East and Africa. The appointment forms part of the creation of a global team to pursue Citigroup's institutional M&A goals, the bank said.

Mr Banerji will identify and assess potential acquisitions for Citi, as well as being responsible for all the firm's divestitures in the region. He will work directly with Bill Mills and George Awad, respectively chief executives of Citi's global consumer banking, and global markets and banking businesses in the region.

A 33-year Citigroup veteran, Mr Banerji was latterly head of strategy for the group's consumer businesses in EMEA, a post he has held since 2003. He will be based in London.

Citi operates in 52 countries in the EMEA region and has plans to expand further through organic growth and acquisitions. In the past year, Citi has bought a 20 per cent stake in Turkey's Akbank, while in the UK, it has acquired internet bank Egg from Prudential and discretionary investment manager Quilter.

The move to forge a formal team comes 15 months after US regulators gave Citi the go ahead to pursue large mergers and acquisitions, lifting a year-long ban that was put in place because of regulatory failings at the Wall Street bank.

Citi is thought to be looking at several potential banking takeovers outside the US in an effort to reduce its reliance on revenues from its home market. The bank said it “has plans to expand further in the EMEA region through both organic growth and acquisition”.

Citi’s acquisitions outside Europe include Old Lane, the US hedge fund, and Nikko Cordial, the Japanese brokerage that Citi took control of last month.