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By Aimee Donnellan
LONDON, Sept 6 (IFR) - Keval Shah has resigned fromCitigroup as co-head of FIG syndicate, based in London, to joinUK lender Lloyds Bank to take up the role of head of financialand corporate syndicate, Lloyds said on Friday.
Tim Michael, the other co-head of FIG syndicate at Citi,will take on Shah's duties and will be responsible for sellingcovered and senior bonds as well as bank capital.
It is unclear whether or not Citi will fill the positionwith a new hire.
At Lloyds, Shah will report to Andrew Ryan, head of bondsyndicate in the bank's wholesale banking & markets division.Shah may begin his new role in December, although that maychange.
According to market sources, Shah was disappointed with thelack of progress in his career at Citi and the move did not comeas a complete surprise.
Shah has worked at Citi for over 14 years, having graduatedfrom the University of Oxford in 1999, where he studiedmathematics, according to his LinkedIn profile page.
Lloyds has been seeking to expand its presence in the FIGsector in euro and sterling markets this year, having struggledto win a large portion of covered, senior and subordinatedmandates.
The UK lender is often edged out by Barclays, Bank ofAmerica Merrill Lynch, Citi, Deutsche Bank, HSBC, Goldman Sachs,JP Morgan and RBS.
This is the second hire Lloyds has made to its FIG team inrecent months. Earlier this year, Lloyds hired former UBSexecutive Eva Porz as a bond structurer, as it sought to jumpinto the booming hybrid and bank capital market.
Citi declined to comment on Shah's move. Shah also declinedto comment.
