CITIBANK India has restructured its management set-up. The bank today said it has simplified its management structure and moved towards a singular reporting system for its corporate and consumer banking businesses. Earlier, these businesses operated inde pendently reporting directly to the region's functional heads.
Under the new structure, Mr Nanoo G. Pamnani, CEO and Head of Consumer Banking of Citibank in India, will now be responsible for Citibank's activities in the region as cluster head of Citibank's corporate and consumer banking businesses in India, Sri Lan ka, Bangladesh and Nepal.
Mr Sanjay Nayar, former Managing Director for Salomon Smith Barney in New York, will take over as corporate business head for India, Sri Lanka, Bangladesh and Nepal from September 15.
Mr Sarvesh Sarup, who was heading the bank's M&A and new business operations in London, is returning to India to take over as the Consumer Business Head. Both Mr Sanjay and Mr Sarup will report to Mr Pamnani.
Mr Sujit Banerji, who was until now the Corporate Business Head, will now relocate to Brussels, Europe where he assumes responsibilities for strategic and operational planning as well as corporate alliances for Central Eastern Europe, Middle East and Afr ica (CEEMEA) region.
Announcing the management changes at a press conference here today, Mr Victor Menezes, Chairman & CEO of Citibank N.A., said increasingly, corporate clients and retail customers want a total solution. By integrating the consumer and corporate franchises under a single leadership at all levels, the bank is better positioned to capitalise on its brand equity and realise the inherent synergies across its businesses.
Creating a single management structure is expected to help build on the synergies of the corporate and consumer banking businesses and enable Citibank to respond to emerging customer needs within the region and capitalise on growing opportunities to cros s-sell products and services across both franchises, Mr Menezes said.
Mr Nanoo G. Pamnani said, the experience gained from products like `Suvidha' enabled the bank to realise the potential of cross-selling of products and services across franchises.
``The efficiencies that come from integrating and improving our businesses will enhance our service to our customers and provides a strong platform for growth, consistent with emerging market opportunities,'' he said.
Mr Menezes said the bank targets a 15 per cent customer growth in corporate and consumer segments in India.
Citibank India's customer base currently includes over 700 companies in the corporate sector, 14,500 customers in the emerging local corporations (ELC) segment and more than 70,00 non-resident Indian (NRI) customers.
Mr Menezes, who is currently on a visit to India, said the Citibank which will complete 100 years in India next year, will grow as a local bank with a global perspective.
The bank with 13 branches in the country, currently focuses on organic growth though it is open to acquisition route which is currently constrained by the existing regulations in the country, Mr Menezes said.
Responding to a question on the downgrading of India's rating by Standard and Poor's, Mr Menezes said the agency may have its own rationale in revising the rating but the bank goes by its own assessment before making any investment decisions in any country.
Source: http://www.hinduonnet.com/businessline/2001/08/10/stories/14100802.htm
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