(Corrects title in second paragraph to vice chairman)
LONDON, July 6 (IFR) - Michael Lavelle, who has headed Citigroup’s capital markets origination team in the Europe, Middle East and Africa region since the financial crisis, has been promoted to head the bank’s corporate and investment banking business in the UK and Ireland.
As head of UK and Ireland CIB, he will be in charge of Citigroup’s largest country set in the wider EMEA region by revenues and size of wallet. He will also take on the title of vice chairman of EMEA CIB. Both roles will be taken up with immediate effect.
Lavelle has been with the bank for over 19 years. During that times, he has led the EMEA equity capital markets before leading the combined EMEA debt capital markets and ECM businesses under the capital markets origination umbrella.
He replaces Ben Story as UK investment banking head. Story will retain several key client relationships and who and will additionally focus some of his time on a number of important EMEA CIB initiatives, according to an internal memo.
Lavelle will report to EMEA CIB chief Manolo Falco. A capital markets origination replacement will be announced in due course. (Reporting by Gareth Gore)