Douglas to head industrials for Citi

Citi fills a space in its Melbourne office with the hire of James Douglas from UBS.
James Douglas has joined Citi in Australia and brandishes two titles û head of Melbourne and head of industrials. He replaces Grant Dempsey who ran the industrials business before defecting to JPMorgan earlier this year.

DouglasÆ last job was with UBS where he was managing director in charge of the consumer/retail, and telecommunications, media and technology teams in Australia. He also headed the Melbourne office for the Swiss firm.

Prior to working with UBS, he was global head of Merrill LynchÆs consumer business based in New York. In that role he worked on a number of big transactions including Procter & GambleÆs $57 billion acquisition of Gillette, the sale of Nabisco to Kraft and SAB MillerÆs acquisition of Bavaria.

At Citi, Douglas will focus on providing equity capital raising, advisory and leveraged finance services to clients in the industrials segment. ôHaving been a global sector head in this space with UBS, James has the expertise and the market knowledge to offer our clients a truly global product,ö says Mark Renton, head of investment banking for Citi in Asia. ôThis is important considering the capital markets are becoming increasingly internationalised.ö

Citi recently advised Cemex on its $15.3 billion acquisition of Australian company Rinker in the countryÆs largest cash acquisition on record. The bank was also involved in SuncorpÆs A$8 billion acquisition of Promina, providing advisory services but also arranging loans and finance.

Douglas will report to Chris Knoblanche, head of investment banking in Australia and New Zealand. One of his first tasks will be to rebuild CitiÆs investment banking team in Melbourne.
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