Citi has promoted Keshav Sanghi to head of equities for India within two months of his joining the US bank.
Sanghi joined Citi in January 2010 as head of sales and deputy head of equities for India. His rapid promotion comes on the heels of the departure of Nikhil Nagle.
Citi veteran Nagle moved from Hong Kong, where he led Citi's South Asian trading desk, to Mumbai in early 2009 to take on the position as head of equities. Nagle has now left banking to devote himself to a foundation that will: increase awareness about India's wildlife, forests and tribal population; provide assistance to various individuals and organisations (governmental and otherwise) in their battle to conserve India's natural heritage; and be actively involved in the sustainable development of the villages and tribal settlements on the peripheries of forests.
Sanghi, who spent 18 months at Reliance Equities International as chief executive officer before joining Citi, will be based in Mumbai and have reporting lines across India and Asia in his enhanced role. In India he reports to V Srikanth, who is head of markets for South Asia, regionally to Adrian Faure, who heads equities for Citi Asia-Pacific, and when it comes to the growth and development of the sales organisation he answers to John Jacobson, Citi's head of equity sales for Asia-Pacific.