Citi's Aidan Allen to head Aussie IB

Allen will wear two hats for the US bank, becoming head of investment banking whilst remaining head of general industries and financial sponsors.
Aidan Allen
Aidan Allen

Citigroup has appointed Aidan Allen head of investment banking in Australia and New Zealand, a position created to strengthen his leadership role across the division, the US bank said in a statement on Wednesday.

Allen is currently Citi's head of general industries and financial sponsors in the region, a job he has held since joining the bank in 2013 and one he will retain after stepping into his new role, the bank said.

By giving Allen more authority the bank is acknowledging his success during the past two years since he was poached from UBS

Citi accounts for 4.6% share of Australia's investment banking market so far this year, up from 3.9% last year, according to data provider Dealogic. The bank's Australia investment banking net revenue stands at $60 million year-to-date compared with $66 million in the same period of 2014, Dealogic data shows.

Allen will continue to report to Tony Osmond, Citi's head of corporate and investment banking in Australia and New Zealand who joined the bank from Goldman Sachs JBWere in 2010.

The move will invest Allen with greater authority across Citi's corporate advisory and capital markets businesses in the region but will not affect Shane Taylor, head of corporate banking Australia and New Zealand, who also reports to Osmond, Citi said.

Citi has been one of the most active international banks in the Australian market, particularly with respect to debt capital markets. 

Back in July the bank noted its intention to build out its investment banking franchise in Australia/New Zealand, and made a series of hires to strengthen its equity capital markets coverage, including Hamish Whitehead and Ian Maxton.

Citi has been active in the market this year, advising Queensland state-run fund QIC on its A$1.8 billion ($1.3 billion) acquisition this month of a gas storage plant owned by CLP Holdings's Energy Australia. It was also a joint lead manager on the Link Group initial public offering, the largest this year in Australia at A$2.3 billion. 

Moreover the bank was M&A adviser and a debt syndicate member on the A$9 billion acquisition by Brookfield of Australian freight logistics company Asciano Limited.

Citi has completed 14 deals totaling $26 billion and is ranked 4th in the Australia M&A advisory league table so far this year, up one place on last year when the US bank completed $13.1 billion in 11 transactions, according to data provider Dealogic.

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