After almost a quarter of a century, Citi’s Global Co-Head of Aviation, Munawar Noorani, has announced his retirement.
Noorani has been an steadfast supporter of the global aviaiton industry thoughout his career, financing the world’s airlines, lessors and manufacturers with a borasd range of financial products and advisory services. His dedication to the industry and determination to find solutions for his clients and for his bank was highlighted during the pandemic years where he and his aviation finacne team worked tirelessy to ensure the industry not only survived the global shutdown but provided solutions to ensure those same companies could also thrive during the recovery.
During 2020-2021 COVID-19 years, Citi was involved in over $300 billion of transactions in debt and equity raises and M&A for airlines, lessors and manufacturers.
“Citi has the best aviation platform with breadth of products but more importantly amazing talent and well known ‘bench strength’,” says Noorani. “It has been my privilege to work with, and for last three years co-lead, a truly dedicated team through the most challenging time in the industry to find solutions for the sector when it was at a practical standstill.”
During his 24 years at Citi, Noorani has covered the aviation sector for more than two decades in various capacities. He joined Citi's Global Aviation group in 2003, and he was appointed Regional Head of Aviation for Europe, Middle East and Africa in 2006. His responsibilities were expanded to include Asia Pacific in mid-2015 and he was appointed Global Co-head of Aviation in August 2019.
Noorani has a 30-year diverse, international career working for major global financial institutions in United States, Europe, and the Middle East. He has previously worked for American Express Bank and Equitable Financial Companies.
Alongside his efforts to ensure financial stability for his clients, Noorani has a strong focus on the decarbonization needs and efforts of the aviation sector and on developing for the financial sector a framework to disclose portfolio emissions. He has been leading Citi’s participation in the Rocky Mountain Institute’s Aviation Climate-Aligned Finance Working Group to create such a framework.
“It has also been a privilege to lead Citi’s efforts in the Aviation Climate-Aligned Finance Working Group to create the framework for annual disclosure of our lending portfolio emissions under the NZBA guidelines along a science-based recognised pathway to achieve the 1.5c emissions goals by 2050,” says Noorani.
Although Noorani intends to take a well-earned break, he would like to continue to serve the aviation industry and use his skills and knoweldge of the aviation sector to assist the industry with its decarbonisation journey.
He says: “I am proud of the early attention Citi and our team have given to the decarbonisation needs, discussions, initiatives and actual efforts of this hard-to-abate sector — and this is something I hope to continue to be involved in post my career at Citi.”
Noorani was a great mentor to many in the industry both within Citi and in the broader industry, demonstrated by the tributes from his long-time colleagues.
Joseph Shanahan, now Global Head of Aviation at Citi, who was co-head with Noorani throughout the COVID years, describes his colleague as a “tremendous friend, mentor and partner” to him and to the entire aviation industry. “During the constant pressure of the COVID years, Munawar tirelessly helped the industry throughout such a difficult time and assisted clients in sometimes distressed situations to find win-win solutions for them and for the bank,” says Shanahan. “He will be sorely missed by his team and by the industry.”
John Grier, Chairman, Transport & Services at Citi, who has worked with Noorani throughout his Citi career, praised Noorani as being “instrumental in building, maintaining and advancing Citi’s aviation platform” and praising him on a more personal level as a “truly exceptional banker”.
Munawar has been a great mentor, supporter and friend to Airline Economics, and we would like to wish him congratulations on his retirement and echo the words of his colleagues that he will indeed be sorely missed. We wish you well Munawar!