Citi set to name top APAC exec as India CEO

MUMBAI: Citigroup is set to name Ashu Khullar as the next CEO of its India unit. A Citi lifer, Khullar is currently the Asia-Pacific head of the Wall Street bank’s capital markets origination team, based in Hong Kong. Khullar will succeed Pramit Jhaveri as the head of the largest and the most profitable foreign bank in the country. Jhaveri is moving on as vicechairman of banking, capital markets and advisory businesses in the region. He has been the India CEO since 2010.

Khullar joined Citi three decades ago and headed several divisions across geographies before becoming co-head of corporate banking in Europe and Middle East. He became the equity capital markets (ECM) origination head in Asia-Pacific two years ago.

A Citigroup spokesperson confirmed the news of Khullar becoming the next India head. A formal announcement on Khullar becoming Citi India CEO is expected early next week. His appointment is subject to Reserve Bank of India’s approval. Citi has had a strong showing in ECM business in the region and made several hires from Goldman Sachs and Deutsche Bank in recent past. Citigroup Asia CEO Francisco Aristeguieta picked Khullar to head India from a list of mostly internal candidates.

Khullar joined Citi India in 1988. He is an alumnus of IIMAhmedabad and Sri Ram College of Commerce. Khullar spent most of his India stint with Citi’s corporate banking side. Citigroup’s India asset size is pegged at Rs 1,63,928 crore with profit after tax (PAT) of Rs 3,403 crore in March 2018. It possibly has the lowest non-performing asset (NPA) level of 0.55% and the bank’s return on assets stood at 2.23%