Invensys, the debt-laden UK engineering group, has dropped Citigroup as its corporate broker after it did not take part in a debt refinancing as part of the company's rights issue.

Invensys wanted Citigroup and joint broker JP Morgan Cazenove to provide debt financing for the £341m (€498m) rights issues it announced last week. An Invensys spokeswoman said: "We wanted to align our equity and bank support."