Citigroup Private Bank has appointed Puneet Matta as chief officer in India. He will be responsible for leading and growing the private bank...

Citigroup Private Bank has appointed Puneet Matta as chief officer in India. He will be responsible for leading and growing the private bank’s onshore wealth management business catering to resident ultra high net worth Indians with at least $10 million in assets. “The appointment of Puneet is in response to the strong growth momentum in the wealth market in India, which is being driven by a buoyant economy. Unprecedented levels of wealth creation is expanding the size of the country’s affluent and high net worth market, and underpinning the need for new standards in wealth management,” said Deepak Sharma, chief executive officer, Citigroup Global Wealth Management, Asia-Pacific & Middle East. Mr Matta will be based in Mumbai where the private banking division already has a team of nearly 20 private bankers and product specialists as well as support and operational staff. He will report jointly to Sanjay Nayar and Ajay Sondhi, Head of Global India, Citigroup Global Wealth Management, who is based in Singapore. Citibank expects the private banking division’s network of offices to expand to other key Indian cities within the next 6-12 months, specifically in New Delhi, Chennai, Bangalore and Kolkatta. Mr Matta joined Citibank India in 1989. Prior to joining the private banking division, he served as Head of Business Development for Citibank’s Corporate and Investment Banking division.