Corporate Banking Head at India's Most Valuable Bank to Return to Citigroup: Sources

Updated on
  • Balasubramanian to replace Shukla as head of corporate banking
  • Shukla is said to be taking on a larger role at Citigroup

K. Balasubramanian, group head for corporate banking at HDFC Bank Ltd., is leaving India’s most valuable bank to return to his previous employer Citigroup Inc., according to people familiar with the matter.

Balasubramanian, 46, will replace Rahul Shukla as the head of corporate banking for South Asia at Citigroup and will be based in Mumbai, the people said, asking not to be named as the information is not public. Shukla will take on a larger role within the bank, one of the people said, without specifying.

Citigroup, HDFC Bank and HSBC Holdings Plc were this year ranked the highest in so-called corporate banking quality in the South Asian nation, according to a survey by Greenwich Associates, a financial-services research firm.

Representatives for both banks declined to comment. The move was earlier reported by The Economic Times.

Balasubramanian had spent about two decades at Citigroup before leaving his role as managing director for its Indian corporate banking operations in May 2016 to join HDFC Bank. Shukla moved to India in July 2010 after serving as Citigroup’s head of Asia-Pacific investment banking for technology, media and telecommunications based in Hong Kong.

    Before it's here, it's on the Bloomberg Terminal.