FinanceAsia understands that Ashu Khullar, currenty chief executive officer at Citi India and Indian subcontinent sub-cluster & banking head, is set to partner with Anthony Diamandakis in a new role to serve together as co-heads of Citi's global asset managers (GAM) business.
As a result, according to a company memo seen by FA, K. Balasubramanian (Bala) has been appointed India subcontinent sub-cluster & banking head and India Citi country officer (CCO) & banking head (BH) designate, reporting to Amol Gupte, head of Asia South and banking head, subject to regulatory approval from the Reserve Bank of India (RBI).
Bala joined Citi in 1996 and has held many roles across products and functions, including in finance, transaction banking and corporate banking. Singapore-based Bala assumed his current role as Asia South head of corporate banking in 2023.
Gupte commented in the company memo: “These moves highlight the deep talent bench we have across our franchise. India is one of Citi’s largest markets globally where we have strong business momentum, and we are confident Bala will build further on our leadership position in this key market.”
Khullar, who started his current role in 2019, will move to London from Mumbai and lead efforts to expand Citi’s relationship with sponsors across EMEA and Asia, while also partnering with Diamandakis to drive global GAM strategy and resource allocation. Khullar will also join Citi’s investment banking operating team and report to Nacho Gutiérrez, head of UK, Europe, Middle East Africa investment banking.
Khullar first joined Citi in 1988 and has held various leadership positions across capital markets and banking in London, Hong Kong and India.
Diamandakis will remain based in New York to focus on alternative asset managers, especially in North America, which account for approximately 70% of the bank's overall sponsor wallet. Diamandakis will continue to report to Jens Welter, Citi’s head of North America investment banking coverage.
Until Bala’s appointment formally takes effect following RBI approval, Khullar will continue as CCO/BH for the India sub-cluster.
The memo was sent by Vis Raghavan, Citi’s head of banking, and Ernesto Torres Cantu, Citi’s head of international.
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