(Bloomberg) -- Citigroup Inc. appointed a veteran of more than 20 years to lead its Asia-Pacific commercial bank operations from Singapore, as it hires for the business in the region.
Gunjan Kalra will assume the role from Sept. 1, according to a statement from the New York-based lender. Kalra, who was most recently head of corporate sales and solutions in Asia, takes over from Rajat Madhok, who was named global head of Citi commercial bank credit risk earlier this year.
The business is a “centerpiece of Citi's strategy across Asia-Pacific,” Citi's Chief Executive Officer for the region Peter Babej said in the statement. It serves firms with annual revenue ranging from $10 million to $3 billion, with cash management, trade and financial lending across 11 markets in Asia. Asia made up 41% of the division's $2.7 billion of revenue in 2021, the biggest share globally.
Citi plans to hire for the business, even as it retreats from retail operations amid a simplification drive by CEO Jane Fraser. It said in 2022 it's seeking to add nearly 350 new staff in Asia for the commercial bank over the next three years to accelerate growth, mostly in Hong Kong, China, India and Singapore.
The appointment of Kalra, who's already based in the city-state, will also mark a shift for the bank. There has been at least four previous male chiefs in the position, including Madhok, who was based in Hong Kong.
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