Citi Promotes Three Australia and New Zealand Colleagues to Managing Director

SYDNEY — Citi Australia and New Zealand is pleased to announce the appointment of three colleagues to Managing Director (MD), the highest officer title at our firm.

We congratulate Elizabeth McAlpine, Chief Risk Officer and Head of Corporate Credit Risk, Australia and New Zealand; Ryan Ellis, Head of Rates and Currencies Sales, Australia and New Zealand; and Troy Fraser, Head of FX Sales, Australia and New Zealand, on this significant achievement.

Globally, 276 colleagues from 21 countries have earned the MD distinction this year. This cohort reflects the depth of our talent and commitment to excellence at Citi, with each new MD playing a meaningful role in driving our progress, leading teams, and delivering exceptional client outcomes.

Mark Woodruff, CEO, Citi Australia and New Zealand stated, "Promotion to Managing Director is a tremendous achievement that recognises the outstanding leadership qualities of these individuals. Additionally, these colleagues exemplify Citi's values and have made significant contributions to the growth and success of our franchise."

About our newest MDs:

• Elizabeth McAlpine, Chief Risk Officer and Head of Corporate Credit Risk, Australia and New Zealand Elizabeth oversees regulatory and governance risk management, manages portfolio risks, and provides oversight of lending and counterparty credit risk activities. With over 20 years of experience, she joined Citi in 2024 and is a key member of the Australia and New Zealand Executive Committee. In 2025, she led the implementation of new Australian regulatory operational risk resiliency requirements and Citi's operational risk transformation program.
   
• Ryan Ellis, Head of Rates and Currencies Sales, Australia and New Zealand Ryan joined Citi in 2020 and now leads Rates Sales for Australia & New Zealand. Since 2023, he has expanded his remit to include growth and client engagement for G10 rates across Asia. Under his leadership, Citi Australia's Rates Sales business achieved a record year in 2025, driving growth through partnerships with major pension and sovereign wealth funds.
   
• Troy Fraser, Head of FX Sales, Australia and New Zealand has over 20 years of markets experience, joining Citi in 2009. He became Desk Head for Corporate FX sales in 2019, expanding his role to include Corporate Derivatives (Rates) in 2022 and Investor FX Sales in 2024. Since 2019, the Corporate FX sales desk has seen double-digit growth year on year, and the Investor FX business has achieved over 20% growth annually for the past two years under his leadership.