Citi has promoted Ravi Kapoor to head of global banking for India from his current role as head of capital markets origination. Citi has also managed to convince its chief financial officer Abhijit Sen to stay on at the US bank.
The role as head of global banking for India was created by Citi in 2007 to unify corporate banking and investment banking client coverage for the country, and to oversee the coordination and delivery of Citi's capital markets platform. Pramit Jhaveri, who was then head of investment banking for India, was also appointed head of global banking, as well as vice-chairman for Asia investment banking.
The recent promotion of Jhaveri to chief country officer for India created an opportunity for Kapoor to move up the ladder. Jhaveri's promotion followed the resignation of Mark Robinson, a Citi veteran who is rumoured to be moving to ANZ to head Southeast Asia.
In his new role, Kapoor will report to Jhaveri and to Farhan Faruqui, who is head of global banking for Asia-Pacific.
Kapoor was earlier head of capital markets origination for South Asia, a region which includes India, Bangladesh, Nepal and Sri Lanka. It is not clear who will replace Kapoor in that role, though Citi said in its release that it expects to make further announcements with respect to the origination and banking business in India in due course.
Kapoor joined Citi in 2005 from DSP Merrill Lynch. Before DSP, he also worked with ICICI and its investment bank subsidiary ICICI Securities. He has experience across investment banking, corporate banking/lending, and equity capital markets.
In other Citi India news, the US bank has convinced Abhijit Sen, current CFO, to stay with the bank. Sen, who was due to retire from Citi last year and was serving an extension, is a 15-year Citi veteran. In March he announced his intention to join his former colleague Sanjay Nayar at private equity firm KKR, where he would take on the role of CFO and chief administrative officer from April 1. However, senior management at Citi convinced Sen to remain with Citi, giving him the additional role as chief administrative officer for South Asia, which also brings functions such as compliance and control under his remit.
"Sen brings continuity with regulators and familiarity with various aspects of the business, which is critical to Citi in India at this time of transition," said a source.
