Mumbai: On 1 February, Mark Robinson, a 24-year Citi veteran, will formally take over the reins of Citibank NA’s Indian unit from Sanjay Nayar. Robinson will be the first foreign-origin CEO of Citi India in nine years, but he and Nayar come from a similar background—at least in terms of their experience at Citi. Robinson, who joined the bank in late 1984, a few months before Nayar, has a clear message for the peer banks, colleagues, customers and shareholders of Citi: “It just doesn’t matter what passport you carry; this business is important and Citibank will continue to grow its balance sheet in India.’’
Sharing experience: Mark Robinson (left) with the outgoing CEO Sanjay Nayar at the Citibank India headquarters in Mumbai on Thursday. Abhijit Bhatlekar / Mint
According to Nayar, who is set to join US-based private equity firm
Kohlberg Kravis Roberts and Co. as CEO and country head in India, Citi is more Indian than many local private banks. “We have not repatriated profits to our parent for years but these banks have been giving dividends to their foreign stakeholders, who hold 70% stake or even more, every year,” Nayar said.
Mint spoke to Robinson and Nayar on the bank’s future here. Edited excerpts:
You seem to have come up with a clear mandate to take some tough decisions, including retrenching people.
Robinson: I am not chosen to conduct major cost-cutting exercise. When Sanjay said he wants to move on to pursue opportunities (elsewhere), the firm went through a list of names of the possible candidates, based on their work experience... I had to go and meet Vikram (Pandit) and board members. Our selection (process) is most transparent and a candidate is selected only if the individual has the characteristics to lead the business.
When our shareholders look at our long-term growth prospects, they prioritize some product areas, customers segments and geographies. India figures high in that list in terms of Citi’s growth prospects. Regardless of my profile, the mandate I have got from Vikram and Banga (Ajay Banga, Citigroup Asia Pacific CEO) is to grow the India business that Sanjay and his team have built. India is a valuable part of Citi’s business globally and it accounts for disproportionate part of our growth prospects. My mandate is to grow the business in a balanced way.
Sanjay, what’s the one thing you told Robinson about the Indian market?