Citi bolsters Paris hub ahead of Brexit

FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/File Photo

LONDON (Reuters) - Citigroup C.N is boosting its operations in France ahead of Brexit with a series of senior appointments, according to an internal memo reviewed by Reuters on Monday.

The U.S. bank named Pierre Drevillon as its new head of mergers and acquisitions in France. Citi’s chairman for continental Europe Luigi de Vecchi will relocate to Paris from Milan, the memo said, in order to supervise the bank’s expansion in the French capital.

Drevillon was previously head of M&A for France and Benelux at UBS UBSG.S. Citi also hired Gregoire Haemmerle from its Swiss rival as its head of France corporate and investment banking. Reuters reported the move on Friday.

The moves come as Citi shifts jobs from Britain to the European Union ahead of Britain’s exit from the bloc.

“We are positioning some of our best resources in what will be an even more strategic market for Citi in Europe and our intention is to continue investing in the Paris hub,” the memo said.

Citigroup, which employs about 160 people in Paris, plans to add 150 jobs in its sales and trading operation in Frankfurt and as many as 100 more, spread across Milan, Madrid, Paris, Dublin, Luxembourg and Amsterdam.

Reporting By Lawrence White; Editing by Keith Weir