Citi veteran V. Srikanth has resigned in order to join Reliance Industries Limited as deputy chief financial officer, said a source familiar with the development. An internal announcement of  resignation of Srikanth, the head of markets for South Asia, was made today.

Citi today said in a release that it has appointed Pankaj Vaish as Head of Markets, for South Asia - India, Bangladesh and Sri Lanka. Vaish was till recently a managing director and head of equities at Nomura Securities.

Srikanth is now likely to be in the core team of Mukesh Ambani-led RIL, which is India's largest company by market value. The 20 year Citi veteran is said to enjoy a great rapport with RIL's CFO Alok Agarwal, and the two may make a formidable team. RIL has recently stepped up inorganic growth and also recently acquired two shale gas assets in US. It also foraying into new businesses like broadband after settlement with Anil Dhirubhai Ambani Group.

Srikanth was also the Country Treasurer for Citi in India and is a Director in Citi's group company Citicorp Capital Market Ltd, the underwriting and trading vehicle for the Indian rupee fixed income business. He started his career in Citi in the year 1990 in the financial controller’s office. Srikanth has also held positions like chairman of FIMMDA - an industry organization of market participants in the fixed income, money markets and derivatives market.

Srikanth's replacement Vaish will report to Rodrigo Zorilla, Head of Global Markets at Citi Asia Pacific and to Pramit Jhaveri, CEO at Citi India.

"I am confident that under Pankaj' leadership we will further build on the existing momentum. His extensive experience in markets and trading, complemented by his client relationships will help us build on the robust markets business created by the team under the strong leadership of Srikanth," said Rodrigo Zorilla, Head of Global Markets at Citi Asia Pacific.

Vaish, who has over 19 years of capital markets experience, is returning to Citi after stints in Lehman and then post acquisition at Nomura. He has worked in Citi New York and his last designation was MD, Proprietary Trading. Vaish has a Master of Science in Management (Sloan School) as well as Bachelor's degree in Economics from the Massachusetts Institute of Technology.

Earlier this year Mark Robinson, who took over as Citi's South Asia unit head in 2009, left to join Australia and New Zealand Banking Group. Pramit Jhaveri, who was then Head of Global Banking in India and Vice Chairman of Asia Investment Banking at Citigroup, took over his position. Robinson had been appointed after Sanjay Nayar, the previous head of Citi India, left to join as India head of private equity major Kohlberg Kravis Roberts & Co.

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