Bank of Montreal hired Piyush Agrawal from Citigroup as chief risk officer to succeed Patrick Cronin, who’s stepping down later this year.
Agrawal, 45, will join the Toronto-based bank as deputy chief risk officer on July 1 and assume the CRO role on Nov. 1, Bank of Montreal said in a statement Wednesday. Agrawal has been chief risk officer for Citibank NA and global head of climate risk since 2021.
Bank of Montreal CEO Darryl White has looked outside his company for some of its top roles, a less common path in the Canadian banking industry. The lender hired Tayfun Tuzun from Fifth Third Bancorp in 2020 with a plan to elevate him to chief financial officer at the start of last year.
Agrawal’s hiring also brings Bank of Montreal more expertise on environmental, social and governance matters, a key focus for the lender.
“I have been particularly impressed by his business acumen, customer focus, regulatory experience, along with his deep risk-management capabilities and expertise on ESG and climate topics,” White said of Agrawal in the statement.
Bank of Montreal fell 0.6% to C$137.35 at 9:54 a.m. in Toronto. The shares have gained 0.9% this year, compared with a 2% decline for the S&P/TSX Commercial Banks Index.
Agrawal joined Citigroup in 2002, and has been chief operating officer of Citibank NA, chief risk officer of Asia Pacific and head of corporate strategy.
Cronin, 55, joined Bank of Montreal in 1993, and held multiple roles in capital markets before becoming chief risk officer in 2018.
