Pramit Jhaveri to step down as CEO of Citibank
TNN | Updated: Jan 25, 2019, 10:00 IST
Pramit Jhaveri. (File photo)MUMBAI: After nine years at the helm, Pramit Jhaveri — a top India Inc rainmaker — will step down as Citibank India CEO on January 31. He will take on a newly created role of vice-chairman (banking, capital markets and advisory), Asia-Pacific, based in Mumbai.
Jhaveri, 55, will continue as interim CEO till March 31, by which time a successor will be finalised. The reason for his abrupt exit from the top post is not known.
A career Citibanker, Jhaveri has been the longest-serving head of India’s largest multinational bank. Since he took charge, the bank’s net profit has risen to Rs 3,403 crore in March 2018 from Rs 860 crore in March 2010.
Citibank has followed a tradition of elevating insiders to the position of CEO (see graphic). Bankers feel that among the second-rung leadership, K Balasubramanian, head of corporate banking, Ravi Kapoor, head of global banking, and Mridula Iyer, head of treasury and trade solutions, are the senior-most candidates for the job.
As vice-chairman, Jhaveri will report to Francisco Aristeguieta, CEO, Citigroup Asia-Pacific, and Jan Metzger, Asia-Pacific head of corporate and investment banking. The bank is believed to have said internally that, in the new role, Jhaveri will be able to provide strategic advice to key institutional clients in Asia-Pacific. The formation of banking, capital market and advisory division is aimed at a focused and integrated coverage to increase revenue from institutional clients.
Earlier this month, the Reserve Bank of India had imposed a penalty on Rs 3 crore on Citibank for deficiencies in compliance with the central bank’s instructions on ‘Fit and Proper’ criteria for directors of lenders.
According to sources, the deficiencies pertained to regulatory disclosures.
Citibank has managed to escape the asset quality problem facing most of the banks in India by taking quick corrective steps. In the last seven years, it has been the best performing among multinational lenders — in both, corporate and personal banking. Its non-performing assets of around 0.5% in March 2018 are the lowest in the industry. Jhaveri, besides heading Citibank, is on the managing committee of the Indian Banks’ Association and is a director on the global board of the US-India Business Council.
Jhaveri, 55, will continue as interim CEO till March 31, by which time a successor will be finalised. The reason for his abrupt exit from the top post is not known.
A career Citibanker, Jhaveri has been the longest-serving head of India’s largest multinational bank. Since he took charge, the bank’s net profit has risen to Rs 3,403 crore in March 2018 from Rs 860 crore in March 2010.
Citibank has followed a tradition of elevating insiders to the position of CEO (see graphic). Bankers feel that among the second-rung leadership, K Balasubramanian, head of corporate banking, Ravi Kapoor, head of global banking, and Mridula Iyer, head of treasury and trade solutions, are the senior-most candidates for the job.
As vice-chairman, Jhaveri will report to Francisco Aristeguieta, CEO, Citigroup Asia-Pacific, and Jan Metzger, Asia-Pacific head of corporate and investment banking. The bank is believed to have said internally that, in the new role, Jhaveri will be able to provide strategic advice to key institutional clients in Asia-Pacific. The formation of banking, capital market and advisory division is aimed at a focused and integrated coverage to increase revenue from institutional clients.
Earlier this month, the Reserve Bank of India had imposed a penalty on Rs 3 crore on Citibank for deficiencies in compliance with the central bank’s instructions on ‘Fit and Proper’ criteria for directors of lenders.
According to sources, the deficiencies pertained to regulatory disclosures.
Citibank has managed to escape the asset quality problem facing most of the banks in India by taking quick corrective steps. In the last seven years, it has been the best performing among multinational lenders — in both, corporate and personal banking. Its non-performing assets of around 0.5% in March 2018 are the lowest in the industry. Jhaveri, besides heading Citibank, is on the managing committee of the Indian Banks’ Association and is a director on the global board of the US-India Business Council.
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