Mumbai: In a significant leadership transition, Citibank has appointed Ashu Khullar, the current India CEO, as the Global Co-head of Asset Management (GAM). He will relocate to London to oversee the bank’s asset management operations worldwide. Meanwhile, K. Balasubramanian, currently managing corporate banking for South Asia, has been named as the new CEO for Citibank India, subject to regulatory approval.
A Strategic Leadership Shift
Khullar’s elevation marks a pivotal moment for Citibank’s global expansion strategy. During his tenure as India CEO, the bank’s revenue saw a 15% compound annual growth rate (CAGR), nearly double its previous performance. His appointment underscores Citibank’s focus on strengthening its investment banking and asset management divisions.
Balasubramanian, a seasoned banking executive with experience in corporate banking and financial strategy, will take the helm of Citibank’s India operations. He has been instrumental in expanding Citibank’s corporate lending and wealth management services across South Asia.
Future Prospects for Citibank India
With India emerging as a key market for global financial services, Citibank is expected to deepen its focus on digital banking, wealth management, and institutional lending. “India’s financial sector is evolving rapidly, and our leadership transition aligns with our long-term vision for growth,” said a Citibank spokesperson.
Experts anticipate that under Balasubramanian’s leadership, Citibank India will strengthen its presence in the corporate banking sector while navigating an increasingly competitive financial landscape.