By Abigail Summerville
NEW YORK, June 9 (Reuters) – Citigroup has hired Andrew Conway as its global chair of consumer and retail investment banking to expand its banking franchise in the sector, according to a memo seen by Reuters.
Conway, who will join in September, most recently served as vice chairman of consumer and retail investment banking at Bank of America and brings over three decades of expertise in the sector. A spokesperson from Citi confirmed the contents of the memo.
“Andrew’s appointment reflects our commitment to expand and strengthen our Consumer & Retail Investment Banking franchise and drive market share in this strategically important sector. His deep industry expertise, extensive client relationships, and proven track record will be instrumental in driving growth across our global platform,” said Chuck Adams, global head of healthcare, consumer and retail investment banking, in the memo.
Citi landed an advisory role on the biggest consumer deal of the year, so far. It advised spice-maker McCormick on its landmark $65-billion agreement to buy Unilever’s food business.
Prior to Bank of America, Conway spent 20 years at Credit Suisse, rising to vice chairman of global consumer products. He began his career at Salomon Brothers and also worked in equity research at Morgan Stanley.
Conway will be based in New York and work closely with Stacia Ryan, Citi’s head of consumer and retail, the memo said.
Bank of America declined to comment.
(Reporting by Abigail Summerville in New York)
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