UBS Hires Top Citi Banker to Ride Next M&A Wave
(Bloomberg) -- UBS Group AG hired Citigroup Inc. investment banker Giovanni Castaldo to lead its Italian financial institutions group, people with knowledge of the matter said.
Castaldo, 41, will join UBS to strengthen its investment banking division amid expectations of a new wave of consolidation in the industry, the people said, asking not to be identified because the decision isn't public. He will be named managing director covering Italian banks and insurers in July.
The banker will work in close collaboration with country head Riccardo Mulone, European financial-institutions chief Stefanos Papapanagiotou and Javier Oficialdegui, co-global head of investment banking. Spokespeople for UBS and Citi declined to comment on the move.
Castaldo comes to UBS with decades of M&A experience at a time when the Zurich-based lender is seeking to link its investment banking activities to its wealth management business. Castaldo joined Citigroup in 2011 in Milan as head of FIG and head of M&A for Italy, overseeing deals, financing, and equity and debt capital markets.Â
He has been an adviser for several major Italian transactions, including the merger of Banca Popolare di Milano with Banco Popolare that created Italy's third largest lender, Banco BPM SpA, and the combination of Fiat Chrysler Automobiles NV and PSA Group to form Stellantis NV, one of the world's largest carmakers. Castaldo also helped plan most of the Italian banking recapitalizations over the last decade, including UniCredit SpA's 13 billion-euro ($14.3 billion) rights offer in 2017.
Before joining Citi, Castaldo worked for Banca Leonardo, Vitale&Co. Spa and Deutsche Bank AG. He is a graduate of Milan's Bocconi University with a degree in institutions and financial markets management.
©2022 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
