(Bloomberg) -- Bank of America Corp. hired Deutsche Bank AG’s Sunil Khaitan to head its global capital markets business in India, according to a person with knowledge of the matter.
Khaitan was a Hong Kong-based director on Deutsche Bank’s Asia equity syndicate team, the person said, asking not to be identified because the information is private. He is slated to start at Bank of America in March, according to the person.
The banker is taking a role previously filled by Sanjeev Jha, who died in September after being hospitalized. Khaitan had been working at Deutsche Bank for more than seven years, his LinkedIn profile shows.
Khaitan is taking over the India capital markets business as foreign banks face increasing challenges from local rivals like Kotak Mahindra Bank Ltd. and Axis Bank Ltd. that have been rising in the league tables. Fundraising from initial public offerings in the country soared to a record 750 billion rupees ($11.7 billion) this year as a rush of insurers sought listings to take advantage of a rally in the local market.
Representatives for Deutsche Bank and Bank of America declined to comment.
Bank of America, which was one of the global coordinators on ICICI Lombard General Insurance Co.’s September IPO, was the 10th most active underwriter of Indian equity offerings this year, according to data compiled by Bloomberg. That’s up from 15th the year before. The firm ranked 10th this year in arranging Indian corporate bond sales in dollars, euros and yen, down from 7th place in 2016, the data show.
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