One year into the job, Mark Robinson, CEO of Citi South Asia, has put in his papers, according to sources.
Pramit Jhaveri, head of Global Banking in India and Vice Chairman of Asia Investment Banking at Citigroup, is one of the contenders to succeed him.
Robinson is a 25-year Citi veteran who has spent the majority of his career in emerging markets. Prior to his current position, he was President of Citibank ZAO, Citi Country Officer for Russia and Division Head for Russia, Ukraine and Kazakhstan.
He could not be reached for comment. When asked, a spokesperson for Citi in India said, “Citi does not comment on market rumours.”
Globally, Citi had decided to offload a number of its non-core assets, choosing to focus on a much smaller portfolio. It may even exit certain countries where its presence is not substantial.
Hence, it had divided its businesses into two groups—Citicorp and Citi Holdings. Citicorp houses all the units it planned to retain and Citi Holdings of those it plans to wind down.
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Citigroup recently sold 3.9 million shares in stock exchange MCX, which it had acquired in September 2007.
Citi Holdings also includes the lender’s consumer finance arm, CitiFinancial, which ran up big losses during the economic downturn. CitiFinancial’s branch presence has dropped from 450 locations a year earlier to about 100 now.