Mumbai: HSBC has moved Tarun Kataria to head India’s corporate, investment banking and markets, from his perch as managing director in Hong Kong.
“Tarun will be responsible for delivering M&A advisory and international financing capabilities to corporate banking and commercial banking clients in India,” HSBC said in statement on Monday.
Kataria, an MBA in finance from the Wharton School, had worked for Merrill Lynch and Chase Manhattan in the United States.
HSBC’s move to bring in an experienced person comes amid growing competition from global investment banks like Goldman Sachs, Lehman Brothers and Credit Suisse.
Global banks have been expanding operations in India, to grab a share of the strong growth in fund raising by Indian companies and increasing cross-border acquisitions.
In 2006, overall Indian investment banking fees rose 23% to $413 million (Rs1,793 crore), according to Dealogic.
Many billion dollar IPO deals such as real estate firm DLF Ltd, have also been lined up.