A Citigroup executive has been knighted for his contribution to the financial services business.

Deryck Maughan, currently vice chairman at Citigroup, was awarded a knighthood by the UK’s Queen Elizabeth II in the annual New Year’s Honours List. Maughan currently oversees mergers and acquisitions and the firm’s cross-marketing activities. He is also the chairman of the Internet Operating Group and Citigroup Japan. He was formerly the chairman of Salomon Brothers from 1992 to 1997, when the business was acquired by Citigroup.

David Challen, vice chairman of Schroder Salomon Smith Barney, Citigroup’s investment bank in Europe, was made Commander of the British Empire for services to the financial sector, too.

Sandy Weill, chairman and CEO of Citigroup, said, “We are thrilled to hear the news of Deryck’s knighthood. Deryck is a dear friend and a highly valued colleague whose leadership over the last few years has helped build this company. His efforts have benefited not just this business, but the larger community as well. All of us at Citigroup are delighted that he has been awarded this honor.”