Pramit Jhaveri former CEO, Retires from Citibank India
Bengaluru, India-November 21, 2019: The former country head of Citi India Pramit Jhaveri, has taken an quick retirement after devoting close to four decades at the bank in various dimensions. The 56 year old Pramit Jhaveri had joined the Wall Street major as a management associate long back in 1987 and he had a stable growth to become vice-chairman of banking, capital markets and advisory for Asia Pacific earlier this year, after heading the India.
His retirement news was revealed by the Citi Asia Pacific chief executive Peter Babej through an email to the employees, the sources said. Babej's
mail points out the key milestones in Jhaveri's 32 year long relationship with Citi, plus his guidance of India operations. "Jhaveri's leadership, partnership and friendship will be missed across our firm," the memo, which was reviewed by PTI, said.
Pramit was Citi India CEO for close to nine years. Under his management, Citi India was constantly ranked as the no. 1 foreign bank in India and its balance sheet is now reflected amongst the best performing in the Indian banking industry. Citi reported the highest net profit and CASA ratio with the largest balance sheet and had one of the lowest gross NPA’s amongst foreign banks over the past five years. During Pramit’s tenure, employee count increased to around 17,100 in March 2019 from around 7,000 in April 2010, and a number of policies and initiatives were launched in support of diversity, wellness, and work-life balance.
On this higher base, employee satisfaction and management effectiveness both expanded, and female representation on the management committee, at 22 %, is currently at its highest ever. Pramit was also Cluster Head for South Asia, with oversight of Bangladesh and Sri Lanka, and was part of the Asia Pacific Operating Committee. Citi India won a number of awards under Pramit’s leadership. The institution has received repeat wins as best foreign bank and best foreign investment bank by Finance Asia, Asia money, and The Asset. The Asset and Global Finance also recognized Citi as India’s best digital bank across categories.
When he took over, the bank was witnessing a surge in bad loans in its unsecured portfolio and he went in for a restructuring, which resulted in the shuttering of 280 branches of CitiFinancial, its in-house NBFC.