The Royal Bank of Scotland Group (RBS) has roped in Devesh Kumar as head of equities in India, in a move to grow the equities business in the country.

Kumar joins RBS from Fortune Financial Services India, where he was the group CEO. Prior to that, he held several roles at Centrum Broking and ICICI Securities, where he built their equities business. Earlier, Kumar had worked with ABN Amro Asia Equities, Daewoo Finance India, W.I. Carr, Unit Trust of India and IDBI Bank.

In his new role, Kumar will be responsible for RBS’s cash equity (research and sales), equity derivative and equity financing businesses. Based out of Mumbai, he will be reporting to Peter Irvine, head of Asia Pacific (APAC) Equities, and Ramit Bhasin, head of markets, India.

“With more than 20 years of experience in equities and banking, Devesh will add significant strength to our equities team,” said Irvine.

“India is a core market for the RBS Group and we see huge growth potential here. Devesh will play a key role in our plan to make RBS a top ten equities house in the market,” added Bhasin.

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