Citi Names New Heads of U.K., Ireland Investment Bank Team

Citigroup Inc. has appointed new co-heads of banking, capital markets and advisory in the U.K. and Ireland as part of a broader shakeup of leadership at the division.

James Fleming and Jan Skarbek will run the team and replace Michael Lavelle, who recently took up the role of chairman of Europe, Middle East and Africa capital markets at the bank, according to an internal memo seen by Bloomberg News.

Citi Names New Heads of U.K., Ireland Investment Bank Team

Citigroup has also named Andrew Seaton as chairman of BCMA for the U.K. and Ireland. Seaton most recently led the bank’s corporate broking business.

As part of the changes, Andrew Truscott will become sole head of U.K. investment banking at Citigroup, while Peter Brown will take up the position of head of U.K. corporate broking. A spokesperson for the bank confirmed the contents of the memo.

The U.S. bank plans to continue to add talent and deploy capital to its team of mergers and acquisitions and capital markets bankers in the U.K. and Ireland, Skarbek said in an interview.

While many U.K. companies are trading at lower valuations relative to their listed rivals globally, this hasn’t made dealmaking easier. Investors are still pushing for higher bid prices that they believe reflect a fair split of the maximum value of assets to buyers, according to Skarbek.

“Doing public M&A has become harder, but it’s still extremely busy,” he said.

Citigroup ranks third as an adviser to deals in the U.K. and Ireland this year, having worked on transactions valued at about $61 billion, according to data compiled by Bloomberg. The bank advised Aggreko Plc, one of the world’s biggest suppliers of portable power generators, on its $3 billion-plus takeover by TDR Capital and I Squared Capital. It is working with buyout firm Clayton, Dubilier & Rice on its pursuit of UDG Healthcare Plc.

For initial public offerings on U.K. and Ireland exchanges, Citigroup places seventh, the data show. It landed roles on the high-profile listings of Deliveroo Plc and Moonpig Group Plc.

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