HDFC Bank loses its corporate head K Balasubramanian to Citi

Balasubramanian, Citibank

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26 Aug, 2025 12:21

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In just about a year’s time, HDFC Bank’s group head for corporate banking has quit India’s most valuable bank to return to Citi Group for a larger role, according to people aware of the matter.

Balasubramanian, 46, will take on a larger role in Citi to head the corporate banking for South Asia. He has tendered his resignation at HDFC Bank and is hoping to join Citi before January, one of the persons said.

After spending two decades at Citibank, in his second stint, Balasubramanian will replace Rahul Shukla as the head of corporate banking for South Asia at Citigroup and will be based in Mumbai. Shukla, in the meanwhile, will be taking a larger role at Citi, according to an Economic Times report.

Citi declined to comment while HDFC Bank did not respond to the email sent to the spokespersons.

Balasubramanian was earlier reporting to Kaizad Bharucha, executive director, who leads the wholesale banking business for HDFC Bank.

"Citi has offered him a much bigger role which is the reason he has quit and he will head as the corporate banking head of South Asia there...It was a good offer," the person quoted above said.

Starting in 1996, Balasubramanian had spent about two decades at Citigroup before leaving his role as managing director for its Indian corporate banking operations in May 2016 to join HDFC Bank. Shukla moved to India in July 2010 after serving as Citigroup’s head of Asia-Pacific investment banking for technology, media and telecommunications based in Hong Kong.

Shukla moved to India in July 2010 after serving as Citigroup’s head of Asia-Pacific investment banking for technology, media and telecommunications, based in Hong Kong.

Balasubramanian holds a Bachelor of Commerce degree from Kolkata University and is a member of the Institute of Chartered Accountants of India. He is also a member of Institute of Cost & Works Accountants of India.

Citigroup, HDFC Bank and HSBC Holdings were this year ranked the highest in so-called corporate banking quality in the South Asian nation, according to a survey by Greenwich Associates, a financial-services research firm.