By Pamela Barbaglia
LONDON (Reuters) – Citigroup has named new co-heads of its consumer products investment banking business for Europe, the Middle East and Africa as part of a push to reinforce its presence in key industries, according to a memo seen by Reuters.
Emre Eler and Robert Plowman will share responsibilities for the consumer business in EMEA which has been identified as a core area for growth as companies across the world adjust to changing consumer habits.
“The consumer products sector is undergoing a fundamental transformation, driven by both digitisation and sustainability,” said Nacho Orrantia-Gutierrez, Citi’s new head of EMEA banking, capital markets and advisory.
“These megatrends are expected to underpin significant business activity in the coming years as our clients adapt to meet consumer demands for a more sustainable, accessible and healthy lifestyle,” he added.
The Wall Street bank has also elevated Italian banker Roberto Costa – who recently advised on LVMH’s acquisition of Tiffany and Moncler’s purchase of Stone Island – to head its luxury investment banking business globally. He will report to both Orrantia-Gutierrez, who took over in May, and the bank’s global consumer and retail head Clay Hale.
The latest appointments follow Citi’s decision to launch a new franchise in New York focusing on global healthcare, consumer and wellness to better coordinate its existing operations and respond to a growing convergence among fast-changing sectors.
(Reporting by Pamela Barbaglia, editing by Louise Heavens)
