Tributes have been paid to a 27-year-old foreign-exchange options trader who drowned while swimming from a boat off the coast of Formentera.

Marcin Kania, who worked for Citigroup in Canary Wharf, had hired the ship with friends to sail around the smallest of Spain's Balearic islands.

They dropped anchor off Cavall d'en Borras beach at around 4.10pm on Saturday, June 6, and went for a swim. When his friends returned to the boat they realised Mr Kania was no longer with them. The group had been drinking earlier in the day.

The coastguard, local police and holidaymakers all joined the search and his body was pulled from the water around 700m from the shore by the crew of a passing ship.

Lifeguards and paramedics were unable to revive him and he was pronounced dead a short while later after arriving at a hospital.

Mr Kania’s colleagues told the Evening Standard he was a “liked and respected” trader, who had enjoyed swift promotion at Citigroup after arriving from BNP Paribas in 2008.

Managing director and head of foreign exchange flow options at Citi Chirag Patel said: “Marcin was a rising star in the business and I am privileged to have managed him over last few years.

“He had a strong work ethic, was dedicated to his job and was an integral part of the team.”

A spokesman for Citi said: “Marcin was a great team member and was very well liked and respected. He will be sorely missed. Our thoughts are with his family.”

The Isle of Dogs resident had moved to the capital from Poland in 2006 to study at Cass Business School and lived near Crossharbour DLR station.

A keen cyclist, Mr Kania had taken part in the London to Brighton off-road bike ride, raising cash for the British Heart Foundation.

Police in the resort have ruled out any suggestion of foul play and said there was no sign of “violent injuries.”

A spokesman told local media: “Alcohol certainly, from what the friends have said, drugs we don’t know - as that will take longer to confirm.”

A post-mortem has been carried out at an Ibiza hospital but the cause of death has not been made public.