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Rediff.com  » Business » Victor Menezes to head Citi Asian advisory board

Victor Menezes to head Citi Asian advisory board

April 22, 2004 09:52 IST

Victor J Menezes, the first chief executive officer of Citibank India, will head the Citigroup's Asian advisory board.

Menezes, who will shortly retire as the senior vice-chairman of the Citigroup, will continue to play a crucial role in the group's Asian operations.

As chairman of the Asian advisory board, he will help navigate the growth anticipated by the region. The Asian board is similar to the international advisory board and European advisory board of the group, which focus on trends and opportunities in the respective regions.

All eyes are on the Asian region, with specific emphasis on India and China. Currently India's banking sector tops its global peers with the highest growth rate in terms of profit at 39 per cent.

This compares most favourably with the global compounded average growth rate of 18 per cent and a negative one per cent for the banking sector in the Asian region, according to McKinsey & Company. Citigroup has entrusted Menezes to head the team that will drive the growth in the Asian belt.

Menezes has been with Citigroup since 1972 and was appointed Citibank India's CEO in India in 1978. Over the last three decades Menezes and his family have moved 10 times in Asia, Europe and the US. Considered to be Citigroup's most versatile leaders, the senior management stated that Menezes' service as a true leader has helped to shape the group.

After heading Citibank India, he went on as chief credit officer of Citibank Hong Kong/PRC when the handover was finalised amid the economic turmoil in east Asia.

In 1985 Menezes returned to New York to join Citicorp's policy committee and become senior corporate officer for Latin America and Africa.

In 1989 he moved to Brussels to head the consumer business in Europe and two years later his responsibilities were expanded to include the consumer bank in the US.

In 1995 he became the chief financial officer of Citicorp and Citibank, with responsibilities for finance, audit, capital and balance sheet management, in addition to mergers and acquisitions and shareholder and regulatory relationships.

Following the merger of Citicorp and Travelers Group Inc to form Citigroup Inc in October 1998, Menezes became the president of Citibank and co-CEO of the global corporate and investment bank.

 "There were many thrills and spills," reminisces Menezes as he writes to the Citigroup's senior management.

BS Banking Bureau in Mumbai