Citi Private Bank has named Varun Chugh as global market manager for its global India division as the US banking giant prepares to capture a larger slice of the onshore and offshore Indian wealth market.
With over 20 years of experience, Chugh joins Citi from DBS Bank, where he was most recently head of the global South Asia team.
Before joining DBS in 2012, Chugh led the Indian subcontinent and non-resident Indian Asia unit at Clariden Leu.
He has also held senior leadership roles at HSBC Private Bank, ABN Amro and Kotak Securities in Dubai and India.
At Citi Private Bank, Chugh will be responsible for leading the offshore and onshore India businesses with a mandate to increase the bank's share of wallet among resident -and non-resident Indians.
Based in Singapore, he will report to South Asia head Jyrki Rauhio. He will work closely with bankers in Citi’s private banking units in North America, Latin America and Europe, Middle East and Africa.
In other developments, Citi Private Bank has appointed Puneet Sanwalka as head of its onshore India business.
Sanwalka has been tasked to further enhance the private bank’s product platform and grow its domestic client base in India.
Based in Mumbai, he will report to Chugh and Pramit Jhaveri, CEO of Citi India.
Sanwalka was previously director of investment finance at Citi Private Bank. He has held various senior roles at Citi’s global consumer banking business in India in the past.
In a statement, Citi Private Bank said that the new appointments complete the formation of the leadership team for South Asia.
In October, the bank hired Sally Yeh as global market manager for Taiwan. The hire followed Jørgen Christensen's appointment as global market manager for the Philippines in September.
Prior to that, Simon Kastono was appointed global market manager for Indonesia and Timothy Morse as global market manager for Thailand, Malaysia and Brunei.
Adam Proctor, meanwhile, was handed the role of global market manager for Singapore, Australia and New Zealand in February.