Citi India has elevated Sameer Kaul as the head of its private banking unit. Kaul will be reporting to Bassam Salem, Asia-Pacific chief executive of Citi Private Bank, and Pramit Jhaveri, chief executive of Citi India.
Kaul has replaced Tashwinder Singh who isnow the director of Kohlberg Kravis Roberts & Co. India (KKR India).
Kaul is a graduate from Delhi University and also holds an MBA degree from the University of Illinois. He has worked with Citi for 17 years now and held various roles in operations, product management, insurance distribution, mortgages and commercial banking. Prior to this promotion, he was the head of retail branch banking business in India and focused on areas like commercial banking and wealth management distribution business originating from the bank’s branches.
“Kaul’s expertise in client servicing, product management and experience will further strengthen the business and prove to be an asset in growing our India franchise,” said Pramit Jhaveri, CEO of Citi India.
Established in India in 2005, Citi Private Bank has $217 billion of assets under management, serving more than 26,000 clients including one-third of the world’s billionaires. It provides private banking services to high net worth individuals and families, and also works collaboratively with the commercial bank to provide commercial banking solutions to business owners. In 2011, its revenues in the private bank doubled over 2009 while business footings grew 2.6 times during the same period.