Mumbai: IndusInd Financial institution has roped in Rahul Bahety, the previous director of Credit score Suisse’s funding banking division, to co-head the Hinduja Group-promoted lender’s company finance division, two individuals within the know stated.
Bahety put down his papers in November at Credit score Suisse and has since been on gardening depart, the individuals stated searching for anonymity. He’s anticipated to affix IndusInd Financial institution quickly.
“In comparison with different home banks corresponding to ICICI, Kotak or Axis, IndusInd doesn’t have a big presence within the funding banking house. It now plans to construct the vertical. Bahety will construct the M&A, non-public placement and structured lending practices for the funding banking unit,” one of many two individuals stated.
IndusInd Financial institution is trying to leverage its sturdy relationship with mid-market Indian corporates to drive its funding banking enterprise, he added.
“It additionally plans so as to add fairness capital markets capabilities to the funding financial institution at a later stage,” the individual stated.
With over 12 years behind him at Credit score Suisse, Bahety suggested shoppers on varied transactions corresponding to merger and acquisitions, non-public fairness fundraising and greenback bonds issuances, and promoter financing.
In November, Mint had reported that the Indian unit of Credit score Suisse noticed the exit of a number of senior executives at a time the Swiss financial institution is navigating an enormous international restructuring.
Gaurav Pradhan and Rahul Bahety, the co-head and director, respectively, of the India funding unit of Credit score Suisse had been amongst those that had put of their papers.
The Mint report additionally stated that just a few junior stage executives had been additionally on their method out.
E mail queries despatched to IndusInd Financial institution didn’t elicit any response until press time, whereas calls and textual content messages to Bahety went unanswered.
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Supply: Live Mint