Citigroup, which lost a few senior people recently, has appointed Nalin Nayyar from Lehman Brothers as the managing director in the bank’s Indian investment banking team. Nayyar will be based in Mumbai and will report to Pramit Jhaveri, Citi’s head of global banking for India. Nayyar had been with Lehman as an investment banker in Mumbai since 2000.
Nayyar is the second managing director to join Citi’s investment banking division in the last year. In May 2007, the bank hired Ravi Lambah from Credit Suisse as a managing director, who also reports to Jhaveri. Lambah is focused on telecommunications, media and technology background. There is also Devinjit Singh, who focuses on M&A, as a managing director, besides Jhaveri.
As for Lehman, Nayyar is the second senior official who has left after Jayanta Banerjee (he was head of Lehamn’s private equity arm) moved back to ICICI ventures. Nayyar was working with Surojit Shome, an ex-Citibanker and the head of investment banking at Lehman.
Citi had seen a few senior level exits in the past few months, which included Anil Gudibande (who left the firm to join AIG private equity), Ashish Pitale (Director, Citigroup Global Markets; who is joining Deutsche Bank). It had also lost Ratnesh Kumar, MD and head of research, and Rajesh Mayani, director, institutional equity sales, to Anand Rathi Securities recently. Narayan Mulchandani, director of India sales at Citigroup, based in Hong Kong, also joined Mumbai-based Anand Rathi.
Citi has a big presence in India, as it has been advising on big deals such as the Tata Motors’ recent $2.3 billion deal to buy Jaguar and Land Rover from Ford Motor Co; and the $500 million private placement for energy company Cairn India.

Posted on 04/10/08, 12:20 PM
in: Investment Banking
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