UBS has appointed Gaurav Mehta, a former Morgan Stanley banker, as head of its Indian investment banking unit.
He replaces Ravi Shankar, who left UBS in September after more than eight years with the Swiss bank in India. Mehta worked as a coverage banker at Morgan Stanley, looking after the bank’s real estate, telecoms and financial sponsor clients.
UBS said last year that it was winding down its wealth management business in India as part of a global strategic review, but stressed at the time that it remained committed to its core businesses in the country, including equities and investment banking where it continues to be a strong competitor.
The bank’s recent track record as a bookrunner in India includes State Bank of India’s $1.5 billion sale of shares in January this year and the $1.1 billion Power Grid sale in December last year; TPG's $305 million sale of its stake in Shriram Transport Finance, the biggest sponsor block exit in 2013; and, in debt capital markets, a $1.5 billion 10-year bond and €1 billion five-year bond for Bharti Airtel.
Mehta, who started his career with HSBC in London, joined UBS in 2010 and in his new role will report locally to Aashish Kamat, chief executive of UBS in India. He also reports to David Chin and Matthew Hanning, co-heads of UBS’s investment banking business, known internally as corporate client services.
