Barclays revamps top management in India with new appointments: Report

The bank named Pramod Kumar, who has 15 years of experience in the sector, as the chief executive officer, Bloomberg reported.

He will be replacing Ram Gopal who is leaving after leading the bank in the country for nearly six years, said the report.

The British bank also hired Suneeta Shetty from HSBC Holdings Plc as its India chief operating officer, it said.

India occupied the fourth position by revenue last year, preceded only by the UK, the US, and Ireland among Barclays’ global units.

Its turnover has multiplied three times in the last decade, better than the performance of other major Asian markets like Singapore or Hong Kong.

The bank’s corporate and private banking together was more than twice the size of Singapore’s and Japan’s last year.

Barclays’s Asia Pacific head Jaideep Khanna is based in the country, helping to maintain close ties with India’s growing ranks of corporate giants and wealthy, stated the Bloomberg report.

Taranjit Jaswal, who served as the India head of corporate banking, has left the company after an eight-year tenure in order to pursue his entrepreneurial aspirations, as reported by Bloomberg News. An internal memo issued earlier this month confirmed this departure, said the report.

The management changes also come after some of the top executives of the bank quit to explore better avenues.

Sandeep Das, who held the position of head of private clients in India, has also chosen to move on to explore a new opportunity, it added.

Earlier, Ashish Jhaveri, who led the mergers and acquisitions division for India, departed the bank to join Jefferies Financial Group Inc., the report said citing sources.

The revamped leadership of the British bank in India is faced with the challenge to keep the business growing with tough rivals like HSBC and HDFC in the vicinity as they strengthen their local operations and the turmoil within the Adani Group, one of its top clients.