Citibanker to be Centurion retail head; revamp on

Centurion Bank is revamping its management team and Vivek Vig, a Citibank executive based in Saudi Arabia, is expected to assume charge as the bank's retail head.

Revamping the management team follows the bank's decision to focus more on the retail sector with plans to launch additional products including home loans, enhancing its presence in auto loans market and introduce credit cards.

The bank today appointed Harpreet Singh as head-branch banking and wealth management services.

Prior to joining Centurion Bank, Singh worked with Tata Teleservices as head of direct business. He has experience of more than 16 years with Citibank, Standard Chartered Bank and GE Capital Services.

After having identified the problems plaguing the bank and gone through the capital restructuring exercise, the next priority was to structure the management team, said a senior official from the bank.

The idea is to make up for the lost time and increase the bank's market shares in the retail segment, he added. As a part of the capital restructuring process, the bank through its on-going rights issue aims at mopping up Rs 90.8 crore.

The rights issue of the bank, which opened on August 24, will close on September 22.