Citi's South Asia chief Sanjay Nayar quits, moves to KKR

21 November 2008

Sanjay Nayar, south Asia chief executive of Citigroup, has quit and will now be heading the first Indian operations of San Francisco-based company, Kohlberg Kravis Roberts & Co's (KKR), one of the powerful global buyout and private equity firms, as CEO and country head.

Nayar's departure from Citigroup, after working with it for 23 years, comes after retail banking head TR Ramachandran quit to join Aviva Life Insurance Co as CEO, last month. Citi, the second largest US bank by assets, struggling to cut cost, had announced plans to slash up to 50,000 jobs globally this week. (See: Citigroup to slash 50,000 jobs worldwide)

Nayar was appointed south Asia chief executive of Citi two months back after being the CEO for one year. His departure has come as no surprise as speculation was rife that he may quit Citigroup although he had always denied it.

"Sanjay has had a distinguished career at Citi as an international manager, having held senior positions in New York and London. He has made an immense contribution to establishing Citi as the leading financial services franchise in India and throughout Southeast Asia. We wish him the best in his future endeavors," Ajay Banga, CEO (Asia Pacific), Citigroup, said in a statement.

Nayar told a television channel that he was quitting for personal reasons. "I am leaving behind a superb franchise.''

In a move that has surprised many, Citigroup announced on Thursday that it has appointed Mark Robinson who has been with the US banker for 23 years as head of Citi South Asia and he would be visiting India next week.