Sanjay Nayar quits as Citi’s India head
Mark Robinson will take over from Sanjay Nayar as the chief executive officer of Citi South Asia, reports HT Correspondent.india Updated: Nov 20, 2008 23:34 IST
Mark Robinson will take over from Sanjay Nayar as the chief executive officer of Citi South Asia. Nayar moves out of Citi after more than 25-year-long stint to head the India operations of leading private equity firm Kohlberg Kravis Roberts & Co (KKR).
Talking about his move, and the market conditions in general, Nayar told the Mint: “KKR has a investment policy which focuses more on long term investments. With such an investment policy, nothing is good time or bad time. Detach share price from the generic business momentum in the country (and) there is still optimism. I expect business momentum and investment activity to pick up. Banks are very well positioned ... (but) you will need to keep the reforms process going — consolidation in the banking sector, development of the debt markets, moving towards Basel II implementation, among others.”
Citi shifted Robinson from one emerging market to the other as he held the position of president of Citibank ZAO, Citi country officer for Russia and division head for Russia, Ukraine and Kazakhstan.
Interstingly, it was Citi that acted as adviser in KKR’s first investment in India in 2006 — an 85 per cent stake acquisition in Flextronics.