K Balasubramanian to succeed Ashu Khullar as India head for Citibank

K Balasubramanian will succeed Ashu Khullar as India subcontinent sub-cluster and banking head of Citibank, subject to approval from the Reserve Bank of India (RBI). He will report to Amol Gupte, head of Asia South and banking head.

 

Khullar, who has led Citi India since 2019, will now serve as co-head of global asset managers (GAM) alongside Anthony Diamandakis. He will also be part of the investment banking global operating committee.

 

During Khullar’s tenure from 2019 to 2025, Citi recorded strong growth, emerging as the top investment bank across the equity capital market and mergers and acquisitions, the US-headquartered bank said in a statement.

 

“These moves highlight the deep talent bench we have across our franchise. India is one of Citi’s largest markets globally, where we have strong business momentum, and we are confident Balasubramanian will build further on our leadership position in this key market,” said Gupte.

 

Balasubramanian, a seasoned banker, has worked in multiple markets, covering clients across major industries and geographies in India. He joined Citi India in 1996 and has spent over two decades in various roles. He is a commerce graduate from St Xavier’s College, Kolkata, and a qualified chartered accountant (CA) and cost accountant (ICWA).