On Thursday, Citigroup appointed Mark Robinson chief executive officer of Citi South Asia, including India. Robinson has succeeded Sanjay Nayar, who has quit the firm to head Kohlberg Kravis Roberts (KKR), a private equity firm. Robinson till now was heading the Russian operations.
Nayar, after heading Citibank for 23 years, will now head KKR?s Indian operations, based out of Mumbai.
?Nayar, will continue being a part of Citi for sometime to oversee the transition,? said the spokesperson of the bank adding that Robinson?s date of joining is yet to be formalised.
?We are fortunate to have Mark Robinson joining the team in Asia Pacific and our South Asia franchise will benefit greatly from his professionalism, leadership and acumen,? said Ajay Banga, Asia Pacific chief executive officer.
?India is now a core part of our growing global private-equity and investment platform,? KKR?s founding partners Henry Kravis and George Roberts said in a statement.
?We believe India?s compelling demographics, dynamic economy and culture of entrepreneurship will provide superior long-term investment opportunities,? they added.
The core of KKR?s franchise is sponsoring and managing funds that make private equity investments in North America, Europe, and Asia, the release said.
Speculations about Nayar quitting Citi India lasted quite some time as talks were on Citi slashing job globally. The total employee strength of the Indian operations for Citibank is now 23,000.
The transaction of selling off Citigroup Global Services to Tata Consultancy Services, completed by December. After the sale, the bank will be left with only a headcount of 11,000 in India.