Citigroup hires Credit Suisse dealmaker Shah to drive technology M&A

Citigroup has poached a senior banker from Credit Suisse as it looks to build out a team of dealmakers under former European investment banking boss, Philip Drury.

The US investment bank has named Dhiren Shah as chairman of global technology mergers and acquisitions, according to an internal memo seen by Financial News.

Shah joins after six years at Credit Suisse, where he was latterly head of financial sponsors M&A, having previously worked at boutique Greenhill. He also spent 18 years at Morgan Stanley, where he led its technology investment banking unit.

READ Citigroup targets Wall Street rivals for top spots in investment banking expansion

Shah is expected to work closely with Drury, who relocated from London to San Francisco earlier this year to lead a new so-called super-group within Citigroup’s banking, capital markets and advisory unit focused on technology and communications.

Drury, who had previously headed up Citi’s investment bank in Europe, the Middle East and Africa, will lead a team of 400 dealmakers in the new group and told FN at the time of his appointment that the bank had a “big ambition” to expand the unit.

“M&A is positioned for significant growth within technology investment banking. Dhiren’s experience, judgment and client relationships will further strengthen Citi’s strategic advisory capabilities,” the memo announcing Shah’s appointment said.

READ Credit Suisse’s Brechner jumps to Citi as dealmaker exodus continues

Citigroup is expanding its investment banking unit in a bid to catch up with Wall Street rivals in the league tables, executives told FN. This year it, has also unveiled a new team focused on the healthcare and wellness unit, led by former Goldman banker Chuck Adams, comprising of 210 bankers and a clean energy transition group, which will house around 225 dealmakers.

Shah also marks another significant dealmaker departure at Credit Suisse, which has lost over 20 senior bankers since it was rocked by the twin crises of the collapse of family office Archegos Capital and its ties to supply chain finance group Greensill Capital.

Matias Brechner, Credit Suisse’s former head of sell-side sponsor M&A in Emea, is also joining Citigroup, FN reported.

Reuters earlier reported Shah’s appointment.

To contact the author of this story with feedback or news, email Paul Clarke

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