Jhaveri has also assumed the role of vice chairman of Asia investment banking, which the bank says underlines the importance of Citi's India franchise both regionally and globally. Jhaveri will work closely with Citi's regional coverage teams to identify international expansion opportunities for Indian clients.
"India is witnessing a boom in activity as the country's leading companies raise capital and pursue M&A opportunities to further their global ambitions," says Sanjay Nayar, CEO of Citi India. "India equity volumes and M&A volumes are up over 200% and 100% respectively so far this year."
Citi has tried to capture some of this market - and indeed was involved in key transactions this year across the capital markets - including advising Wipro on the M&A with Infrocrossing and the ú3.67 billion acquisition refinancing for Tata Steel's acquisition of Corus.
"Our Indian clients are increasingly pursuing growth internationally and are actively using the capital markets to support their expansion plans," says Robert Morse, CEO Asia-Pacific Markets and Banking. "Pramit's new role reflects the increasing opportunities we see to help our clients in India grow beyond their home market, by giving them access to the full suite of Citi's local and global capabilities in the capital markets."
Jhaveri retains his role of head of investment banking India, based in Mumbai.
He will continue to report to Nayar. Regionally, he will report to Mark Renton, head of investment banking Asia-Pacific, Dan Mcnamara, co-head of investment Banking Asia Pacific, and Sanjiv Misra, head of corporate banking, Asia-Pacific.