Citigroup names Singapore-based Gunjan Kalra head of Asia-Pac commercial bank operations

CITIGROUP has 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.

Singapore-based Gunjan Kalra, who will assume the role from Sept 1, was most recently head of corporate sales and solutions in Asia. She takes over from Rajat Madhok, who was named global head of Citi commercial bank credit risk earlier this year. 

The business is a “centrepiece of Citi’s strategy across Asia-Pacific,” Citi’s chief executive officer for the region Peter Babej said in a statement from the New York-based lender. It serves firms with annual revenue ranging from US$10 million to US$3 billion, with cash management, trade and financial lending across 11 markets in Asia. Asia made up 41 per cent of the division’s US$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 will 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. BLOOMBERG