Veteran Indian American Banker, Philanthropist Victor Menezes Dead at 77

- Founder of the America India Foundation, he had a stellar 32-year-old career with Citibank, and was one of the first Indian to reach the top rung of a multinational bank.

Veteran Indian American banker Victor Menezes, founder of the America India Foundation (AIF) died yesterday in Miami, Florida. He was 77, and is survived by wife Tara Anne Fonseca, a former beauty queen, and four children. A former senior vice chairman of Citibank, Menezes is one of the first Indian to reach the top rung of a multinational bank. He retired after 32 years with Citibank, as its senior vice chairman. The AIF is a non-profit organization focused on improving the lives of underprivileged people in India, particularly women, children, and youth.
Known to keep a low profile and have a wide experience, Menezes has been described by his Citibank colleagues as “balanced, smart and quiet” person. He actively supported philanthropic efforts. In 2011, he donated $3 million to IIT-Bombay to help set up a convention center.
In a Facebook post announcing Menezes’ death, the AIF said his “leadership and dedication to service and social change have left an indelible mark on AIF and the communities we serve.” His “belief in the power of partnership helped AIF empower over 19 million lives across India, with a focus on women, children, and youth. Victor’s vision and spirit will continue to inspire us as we carry forward his incredible legacy at AIF.”
AIF Board member Harit Talwar, in a LinkedIn post, wrote about how Menezes’ “journey with AIF was marked by his profound commitment to making a difference.” He “believed in the power of partnership—between India and the United States, between organizations and individuals, and most importantly, between communities,” he wrote. Menezes was “laser-focused on our mission to empower women, children, and youth with interventions in healthcare, education, and livelihoods, He helped expand our vision to support the most marginalized communities across India.”
Menezes was born in Pune to Indian Railway Board chairman Manuel Menezes and Nina Menezes on May 19, 1949. It was at his father’s insistence that Menezez decided to go to IIT-Bombay in Powai. His brother Ivan Menezes was the chief executive officer of Diageo, a British multinational alcoholic beverages company.
In memory of Late. Shri. Victor J. Menezes: An IIT Bombay distinguished alumnus whose kindness and vision touched many lives. His generous gift, the VMCC, continues to be a space where ideas blossom and futures are shaped.#IITBAA pic.twitter.com/vJRx0ULfaZ
— IIT Bombay Alumni Association (IITBAA) (@IITBAA1) February 3, 2025
Srinivassa Sinai Dempo College (Autonomous) mourns the death of veteran banker Victor Menezes, one of the earliest India-origin CXOs to lead storeyed multinationals, has died in the US at the age of 77. pic.twitter.com/3IVuK6kn6P
— Srinivassa Sinai Dempo College (Autonomous) (@dempocollegegoa) February 4, 2025
After getting a degree in electrical engineering from Indian Institute of Technology in 1970, Menezes went to the Massachusetts Institute of Technology. He then joined Citibank as a corporate banker, and worked across all continents during his stint with the financial services entity, according to his AIF profile.
He served previously as chairman and CEO of Citibank. He was head of Citi’s Emerging Markets business with responsibility for its corporate and consumer businesses and global product responsibility for e-Business and Global Securities Services. He has headed Citi’s businesses and lived in India, Hong Kong/China, Europe and the U.S.
After retiring from Citibank in January 2005, Menezes became a senior advisor to New Silk Route Partners, a private equity firm founded by Rajat Gupta of McKinsey and Parag Saxena, which was his last known job, according to his AIF profile. He was a board member of the MIT Corporation, Catholic Charities, and Eisenhower Fellowships, and he served on the Advisory Boards of IIT Bombay and INSEAD. He served on the board of Educational Testing Service (ETS) and was Chairman Emeritus of the American India Foundation and a Trustee Emeritus of the Asia Society.
Just got to know of the sad demise of Victor Menezes, who was a legend at IIT Bombay from where he graduated in EE in 1970.
— Jairam Ramesh (@Jairam_Ramesh) February 3, 2025
He went to MIT and after 2 years there began his professional career in the Citibank system, reaching the highest echelons of management. By the mid-1990s,…
🙏🙏 Victor Menezes,former senior vice Chairman of Citibank,1st Indian Global banker,passed away,My and my family's Deepest Heartfelt Condolences,Bhavpurna Veenamra Shraddhanjali,Prabhuji unki Aatma ko Shanti Pradhan kare aur Aacchi Sadgati, R.I.P,🕉 Shanti !!! 🙏🙏
— Rajesh Shivhare (@rmshivhare) February 4, 2025
Deeply saddened to learn of the demise of Victor Menezes, a wonderful and wise colleague at @MIT Corpn. Have known him as a friend for over four decades. My heartfelt condolences to his wife Tara and family. He will be much missed for his intellect & friendship RIP pic.twitter.com/74WQmBbrxd
— Kiran Mazumdar-Shaw (@kiranshaw) February 3, 2025