Sanjeev Bajaj has joined Credit Suisse as head of fixed-income for India as the bank continues to build its fixed-income business in that market.
Bajaj joins as a managing director, charged with broadening the overall fixed-income platform across trading, sales, structuring and research in India. He will be based in Mumbai and will report locally to Mihir (Micky) Doshi, India chief executive officer, and regionally to Carsten Stoehr, who heads fixed-income for Asia-Pacific from Hong Kong.
Bajaj was most recently at local Indian investment bank JM Financial where he was CEO for the fixed-income business and international operations. Bajaj joined JM in August 2009.
Before he joined JM, Bajaj was country treasurer for Bank of America in India and led the build-out of that bank's fixed-income business in India between 2004 and 2009. However, after Bank of America took over Merrill Lynch worldwide, the Indian operations of their respective subsidiaries were restructured. Jayesy Mehta, who headed the primary dealership of DSP Merrill Lynch, the Indian subsidiary of Merrill Lynch, was appointed country treasurer and head of fixed-income for the combined entity. Bajaj quit shortly thereafter.
Bajaj began his banking career with Bank of America in India in 1987 and has had a previous stint at Credit Suisse.
A number of banks are building their fixed-income teams in India as they hope to get a share of a pie that has been very lucrative for local firms such as ICICI Securities and Axis Bank. Nomura recently hired Nitin Jain in a move that specialists suggest is a precursor to expanding its fixed-income business. And Morgan Stanley last year obtained a primary dealership licence enabling it to trade and underwrite government securities.
