TPG ropes in PJ Nayak as advisor, director on the board of Union Bank of Colombo

Global private equity major TPG Capital Inc has appointed former Morgan Stanley India head PJ Nayak as an advisor and as a non executive director on the board of Sri Lankan bank Union Bank of Colombo (UBC), as per a company disclosure. This comes three months after TPG sealed the biggest buyout deal in the island nation in a deal which gives it around 75 per cent stake for $117 million.

He joins Puneet Bhatia, country head of TPG Capital in India, besides Michael O'Hanlon as other TPG representatives on the board of the Sri Lankan bank.

An email query to Bhatia for further clarity on Nayak's association with TPG did not elicit a response.

Nayak, who joined the Morgan Stanley bank in 2010, was the CEO and country head for India, and stopped his full-time role with the bank in May 2013. At that time Morgan Stanley had named Aisha De Sequeira and Sanjay Shah as the new co-heads of its business in India.

Prior to Morgan Stanley, he had a short stint with PE giant Advent soon after he quit Axis Bank (formerly UTI Bank) in 2009 after nine years as its chief. He has also been a member of the technical advisory committee for monetary policy at the banking regulator Reserve Bank of India.

Before joining Axis Bank, Nayak was executive trustee of the Unit Trust of India. He has also worked as a civil servant within the Indian Administrative Service, worked in the Department of Economic Affairs in the Ministry of Finance of the government of India as joint secretary.

Nayak holds an MA and a PhD in Economics from Cambridge University, UK.

In May this year, he submitted a report to RBI on financial sector reforms of public sector banks which highlighted the weak corporate governance in public sector banks and suggested appointment of independent directors and cutting down government's controlling stake in public sector banks.

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