Citi appoints Mike Francis as new head of aircraft finance
Mike Francis has joined Citi’s Wealth Lending team as its new head of aircraft finance.
Francis, who has two decades of experience in the business aviation industry, will manage the bank’s aircraft financing globally.
Anne McCosker, Global Head of Lending at Citi’s wealth arm, said: “We are pleased to share that Mike Francis has joined the Citi Wealth Lending team as our new head of aircraft finance. In this role, Mike will manage private aircraft financing on a global scale, partnering with lending advisors to deliver customised and strategic solutions for clients.”
Reacting to his new role, Francis said it feels “incredible” to be at Citi while getting to work with clients “who are some of the most influential changemakers in the world”.
“I manage the private aircraft lending product globally, which gives me an interesting perspective into the private aircraft market in different corners of the world. For example, how a client acquires, owns and operates a plane in Brazil is quite different from Spain or the United States. Having been primarily focused on lending in the United States over the past several years, I am thrilled to get back into the global lending arena,” he told CJI.
Prior to Citi, Francis was MD at SVB Private Wealth/First Citizens Wealth, where he developed and led the private aircraft lending organisation. Earlier, he held leadership positions at First Republic Bank, 1st Source Bank and CIT Bank, and also managed business aviation for a large family office.
However, Francis, due to how his career took off, considers himself an “accidental banker”. “When I started my career, I was planning to become a professional pilot but ended up flying a desk instead. Compared to some of my peers who ‘grew up’ in banking, I have a unique perspective on the aircraft industry from my firsthand experience with flight operations and lending,” he said.
Francis said he spends a “considerable” amount of time with clients, helping educate them on what options are available in the aircraft marketplace, market trends, how to maximise the utility of their plane and most importantly, how to tailor their aircraft loan to their unique needs.
“This is a perspective they may not get from most lenders. Having worked for a few different aircraft lenders who all had different approaches to lending (for example: asset-based, private bank, etc.), I am able to bring new perspectives on how we can approach different lending scenarios as we continually evolve the product to meet our clients’ needs.”
Francis earned a B.S. in Aviation Management from Daniel Webster College and an MBA from Northeastern University. He also holds a commercial pilot’s licence and currently resides in Boston with his wife and two children.
