HSBC has hired Sunil Sanghai as head of global banking in India from Goldman Sachs, according to an internal memo seen by Reuters on Tuesday.
In the new role, Sanghai, currently co-head of investment banking division at Goldman Sachs in India, will head the investment banking and capital market businesses of HSBC in India, effective September, the memo said.
A spokeswoman for HSBC confirmed the content of the memo. Sanghai declined comment when reached by Reuters.
Sanghai’s appointment comes a month after Tarun Kataria quit as the head of global banking and markets at HSBC in India to join domestic firm Religare Capital Markets Ltd as its chief executive officer.
Indian companies have raised a total of about $11 billion through share sales so far in 2010, compared with $2.6 billion in the same period last year and about $16 billion in 2009, according to Thomson Reuters data.
Bankers have said India could see roughly $30 billion of equity issuance in 2010, and global banks such as Citi, Bank of America-Merrill Lynch and Goldman Sachs vie with a slew of local players for a bigger share of the pie.