Citigroup has shifted its top dealmaker in the Nordic region to lead its commercial banking operation in Europe as it embarks on an aggressive expansion that will see 900 bankers added over the next three years globally.
Alexander Stiris has been named head of Citi’s commercial banking unit for Europe, the Middle East and Africa, according to a memo seen by Financial News, as the US bank looks to bolster revenues from mid-market companies.
Stiris, who will take on his new role on 1 July, has been co-leading Citi’s banking, capital markets and advisory unit in the Nordic region for nearly two years, and is chief executive of its business in Sweden.
Commercial banking is a renewed area of focus at Citigroup, with the firm unveiling in March that it plans to add another 900 staff in the unit over the next three years as part of its new strategy under chief executive Jane Fraser.
Its commercial bank posted revenue of $2.7bn in 2021, which is a fraction of the bank’s overall revenue of $71.9bn, but the memo from Tasnim Ghiawadwala, global head of Citi’s commercial bank said that the unit was an “important growth opportunity” for its institutional clients division.
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Investment banks in Europe are increasingly targeting deals from mid-sized companies, with HSBC, Citi and JPMorgan among those banks building closer links between their commercial and investment banking teams.
Stiris will relocate from London for the role and takes over from Raymond Gatcliffe, who shifted to lead Citi’s commercial bank in North America.
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Source: fnlondon.com
