{"id":120030,"date":"2021-08-18T00:55:52","date_gmt":"2021-08-18T00:55:52","guid":{"rendered":"https:\/\/fin2me.com\/?p=120030"},"modified":"2021-08-18T00:55:52","modified_gmt":"2021-08-18T00:55:52","slug":"citigroup-poaches-shah-from-credit-suisse-to-boost-tech-ma","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/citigroup-poaches-shah-from-credit-suisse-to-boost-tech-ma\/","title":{"rendered":"Citigroup poaches Shah from Credit Suisse to boost tech M&A"},"content":{"rendered":"
FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS\/Andrew Kelly<\/figcaption>

(Reuters) – Citigroup has hired veteran tech banker Dhiren Shah from Credit Suisse Group AG, as it doubles down on investing in its tech franchise, according to a memo seen by Reuters on Tuesday.<\/p>\n

The departure of Shah is the latest of a series of talent losses Credit Suisse has suffered after its lending exposure to troubled investment fund Archegos led to a $5.5 billion loss. A string of investment bankers not involved in the debacle jumped ship as a result, concerned about the financial and reputational fallout for the bank.<\/p>\n

Shah will join Citigroup as Chairman of Global Technology mergers and acquisitions (M&A) in New York, after spending six years at Credit Suisse as head of Financial Sponsors M&A with a focus on the technology sector, said the memo, the contents of which was confirmed by a Citigroup spokesperson.<\/p>\n

Deals which Shah has advised on this year include Atotech\u2019s $5.1 billion sale to MKS Instruments Inc. and Blue Yonder\u2019s $7.1 billion sale to Panasonic Corp.<\/p>\n

Prior to Credit Suisse, Shah worked at Greenhill & Co Inc, as well as Morgan Stanley, where he was Head of Global Technology Investment Banking.<\/p>\n

Shah will report to Citi\u2019s global co-heads of M&A, Cary Kochman and Mark Shafir, and work closely with Philip Drury, who was named head of technology and communications earlier this year.<\/p>\n

Banks have been ramping up hiring in M&A groups to capture more market share in a booming dealmaking environment. In its bid to rebuild the senior team, Credit Suisse hired Citigroup\u2019s Aly Alibhai to lead its global media and entertainment group this month.<\/p>\n

Technology is the leading sector for M&A activities globally, accounting for 22% of total volume year to date, Refinitiv data shows.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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