After almost a nine-year stint as the CEO of Citi in India, Pramit Jhaveri has been elevated to a bigger role of the Vice-chairman of the Wall Street bank’s banking, capital markets and advisory business across APAC.
Jhaveri, who will continue to be based in India, will be reporting to Jan Metzger, who became Citi’s Asia Pacific head of corporate and investment banking (CIB) a year ago, and Francisco Aristeguieta CEO of Citigroup Asia.
Jhaveri will take on his new role from April 1. However, he will remain in his current role till this month end and as the interim till March 31, 2019 in order to help identify his successor.
Interestingly, Jhaveri will not replace anyone as this post is being specifically created for the APAC region. A similar post was created for North America earlier. Jhaveri took over as the CEO in April 2010 after Marc Robinson moved out of the bank. Citi India's balance sheet is counted amongst the best performing in the Indian banking industry, with a net NPA level of 0.55 per cent as of March 31, 2018. Under Jhaveri’s leadership, the PAT of the bank in India jumped to Rs 3,403 Cr in March 2018 from Rs 860 Cr in March 2010.
While Jhaveri spent nine years at the helm, his association with Citi is almost three decades long. He joined Citi India in 1987 after completing his MBA in Finance and Economics from the Simon School of Business campus in the US. Prior to his elevation as the CEO, Jhaveri headed investment-banking, corporate finance and capital markets for the bank.
It is not yet clear who will succeed Jhaveri though names of potential internal candidates, such as Ashu Khullar, Head of Asia Pacific Capital Markets Origination at Citigroup Inc, Ravi Kapoor, Head of global banking at Citi India, and K Balasubramanian who heads corporate banking are being speculated upon. Alternatively, an internal candidate from overseas may also get selected for the top job in India.
Image Credits: The Financial Express