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Nayar to head Citi India, Pamnani is non-exec chief

BS Banking Bureau in Mumbai

Citibank India's managing director-global corporate and investment bank Sanjay Nayar will take over as the CEO and business head on October 1, 2002 from Nanoo Pamnani, who retires this year in his executive capacity.

Pamnani will, however, continue his 35-year stint in the bank as the non-executive chairman of the Indian operations, for an unspecified period.

The other managing director, Sarvesh Sarup will also have an expanded role to play. Continuing to hold charge as consumer bank head for India, Sarup will also assume responsibility for the wealth management initiative across Central Eastern Europe, Middle East, Africa and the Indian Subcontinent.

"As a CEO, my job will be leveraging the size (of the bank). We have a solid foundation. We have a modern technology platform, cost advantages.... We will build on that," Nayar said. The bank's asset size was $4.5 billion as on March 31 this year.

Pamnani stated in a release that the corporate and retail businesses have synergistically built a tremendous franchise for Citibank in India.

"I am confident we will continue to grow and consolidate our position in the market place as well as retain our key position within the Citigroup world," he added.

Some time back, Citibank has changed its management structure, and has moved towards a single reporting system for its corporate and consumer banking businesses.

Pamnani was head of Citibank's corporate and consumer banking businesses in India, Sri Lanka, Bangladesh and Nepal.

Nayar has a tough job at hand for Citibank to get back to top place following the merger between Standard Chartered Bank and ANZ Grindlays, said banking circles.

Nayar returned to India last October to head the corporate business for Citibank in the region. Prior to his joining Citibank., Nayar was the managing director at Salomon Smith Barney in New York.

Since his return, Nayar has been instrumental in initiatives across corporate, treasury and capital market activities at Citibank, as well as institutionalising the small and medium enterprises strategy.

Citibank ended its centenary year with a rise in net profits to Rs 325.4 crore (Rs 3.254 billion) in fiscal 2002, reflecting a 14 per cent growth. With capital in excess of $ 500 million, Citibank has a customer base of over 800 companies in the corporate sector and over 20 lakh retail customers.

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