Citigroup promotes Vassilios Maroulis to head up shipping sector coverage

Citigroup has promoted a long-serving dealmaker to lead its coverage of the global shipping industry.

Vassilios Maroulis, a banker who has worked at Citigroup since 2005, has been named global head of shipping, a spokesperson confirmed to Financial News. His appointment was effective from 2 June.

Maroulis was latterly head of shipping for Europe, the Middle East and Africa at Citigroup. He will work closely with Christa Volpicelli, who leads Citigroup’s coverage of investment banking clients in the shipping industry and is based in the US.

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Banks made $4.9bn in fees from the transportation industry last year during a boom deal that hauled in $130bn globally, according to data provider Dealogic. So far this year, the sector has brought in revenue of around $1bn for investment banks.

Citigroup has been building out its investment banking unit in Europe, hiring senior dealmakers, launching new divisions and promoting key bankers as it bids for the number one spot in the region.

Its latest move came in May when the bank named Tobi Ali — who joined Citi in 2017 to co-head its loans and leveraged finance team in Emea — as head of a new team focused on venture capital firms and family offices.

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