A non-banking finance company (NBFC) is a key to every investment bank (or broking firm’s) growth in India. The latest to join the bandwagon is Swiss investment bank Credit Suisse. The bank is reportedly in the process of acquiring a majority stake (91 per cent) in a Chennai-based NBFC, Bokdia Marketing and Finance, reported The [...]
Arjun N Murti is the most talked about analyst on the globe today. The Goldman Sachs analyst tracks oil, and has now made commodity analysis a sexy career to pursue in finance. Murthi’s recent claim to fame is that he has predicted oil will cross $200 per barrel very “soon”. The oil prices have already [...]
Kotak Mahindra Bank, the former local partner of investment bank Goldman Sachs,
has brought on board a senior global financial executive to spearhead its international initiatives. The Mumbai based bank has appointed Hasan Askari, an investment banker and former member of the executive committee at Old Mutual, as an advisor with a mandate to expand the [...]
As India emerges as one of the top destinations for M&A practice in the world, there is a severe catfight going on for talent in the investment banking business. Royal Bank of Scotland (RBS), which acquired ABN Amro Bank last year, has hired three key people from the Dutch bank for Indian investment banking operations. [...]
A Tata Capital arm will provide merchant banking services. The company has announced on Tuesday that its subsidiary Tata Capital Markets Ltd has obtained a license from the Securities and Exchange Board of India to offer merchant banking services to corporate clients.
Tata Capital Markets will offer issue management services, qualified institutional placement of shares, corporate [...]
US based investment bank Jefferies has appointed Sidharth Punshi as a Managing Director and Country Head in India. Punshi will lead a team of investment banking professionals covering the Indian market. He joins from Goldman Sachs where he was Executive Director, Head of European IT Services and Software Sector in the Technology, Media and Telecommunications [...]
In a significant development, Citigroup has reorganised its investment banking division globally by forming an Alternative Asset Group within the arm. The new unit will bring together groups servicing private equity and infrastructure funds, the bank said in an internal memorandum sent to its employees on Tuesday. The new Alternative Asset Group will be led [...]
UBS, the Swiss investment bank, seems to have been hit the hardest by the credit crunch. The bank has announced that it would sell $15 billion of subprime mortgage debt and cut 5,500 jobs in its investment banking business as part of a massive cleanup (see a Thomson report).
The subprime crisis in the United States [...]
It may be a bit late, nevertheless it’s better than never. The state-owned Corporation Bank is planning to offer investment banking and related services through its wholly owned subsidiary CorpBank Securities Ltd, reports The Hindu Business Line. The paper quotes B. Sambamurthy, Chairman and Managing Director, as saying “We are examining a couple of activities [...]
New lines of businesses have started bearing fruits for IDFC. The acquisition of the mutual fund business of Standard Chartered in India at the fag end of FY’08 and picking majority stake in I-banking firm SSKI has brought in close to Rs 243 crore in income for the year 2007-08.
While this constitutes just about 8.7 [...]
Talent retention may not be easy going forward for the country’s largest private banking group, ICICI Bank. After the bank decided to put off annual bonuses to its staff along with annual promotions, now its I-banking and brokerage arm ICICI Securities(which is in the process of going public) is finding few takers for its employee [...]
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 [...]
This may have come as good news for the IPO-bound ICICI Securities. The investment banking arm of ICICI Bank has emerged as the number one IPO advisor, according to a ranking by Delhi-based IPO tracker Prime Database. (We are trying to procure the ranking of top 10 advisors, and will post it as soon as [...]
Large, global investment banks have cornered most of this advisory fee from India’s Tata Group. Here is the stunning statistic. The Tata group, India’s largest global acquirer, has spent more than Rs 500 crore or $133 million in advisory fee to intermeduaries and investment banks in the last two years.
The Mumbai based group has acquired [...]
Is Wall Street getting a better grip on the credit crunch crisis after last week’s Bear Stearns fiasco. There was a sigh of relief internationally as three leading global financial majors Morgan Stanley, Lehman Brothers and Goldman Sachs posted results which are better than analyst expectations. Morgan Stanley, the second largest securities firm in the [...]
