A BUSINESSMAN who grew up in the region and went on to head one of the biggest company's on Wall Street was yesterday presented with a knighthood.

Sir Deryck Maughan was educated at Richmond Grammar School, North Yorkshire, before joining the civil service. His parents ran the town's Bishop Blaize pub.

He moved to New York and in 1992 became chairman of Salomon Brothers, a post he held until the company was acquired by Citigroup in 1997.

He is vice-chairman of Citigroup, where his responsibilities include overseeing mergers and acquisitions and the firm's cross-marketing activities. He is also chairman of the Internet Operating Group and Citigroup Japan.

Sir Deryck was awarded a knighthood in recognition of his contribution to British and American business and was presented with the award yesterday.

Sandy Weill, chairman and chief executive officer of Citigroup, said: "We are thrilled to hear the news of Deryck's knighthood. He is a dear friend and a highly valued colleague whose leadership over the past 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 honour.