Travis Perkins, the UK building materials supplier, has dropped HSBC and hired Citi as its joint broker after an 18-month period of widespread broker reviews by UK companies.

The FTSE 250-listed group, which invited its existing brokers HSBC and Dresdner Kleinwort to re-pitch for the mandate along with other banks earlier this month, retained the German investment bank and appointed Citi as its other joint broker.