Credit Suisse has appointed Rahul Chawla to a new position as head of its global markets solutions group (GMSG) for India, it said in a press release issued yesterday. The move, according to the release, highlights the bank's commitment to its growing capital markets franchise in one of Asia's most important and active markets. GMSG includes debt and equity capital markets, structured products and leveraged finance.
Credit Suisse was forced to wind up its India operations in 2001, but has been gradually re-building its investment banking platform in the country since 2004. It appointed veteran Morgan Stanley banker Mihir Doshi as country head in January 2006 and in March 2007 received a licence that allowed it to set up equity brokerage and private banking businesses.
In his new position, Chawla will lead Credit Suisse's efforts to capitalise on growing opportunities in the Indian capital markets and develop the momentum that the bank has demonstrated by working on a series of landmark transactions in 2009, it said.
Jatin Sanghvi, who has previously led Credit Suisse's equity capital markets efforts in India, will move to a broader client coverage role within the investment banking department.
Chawla will work closely with the coverage bankers in India and with the regional product heads to originate equity and debt capital markets deals, as well as equity derivatives and structured finance transactions. He will report directly to Vikram Malhotra and Helman Sitohang, who are co-heads of investment banking and GMSG for Asia-Pacific, as well as to Venkat Ananth, who is head of investment banking for India.
Already based in Mumbai, Chawla has been head of structured lending and debt origination for India since he joined Credit Suisse in June 2007. Before that he was part of the Indian fixed-income unit at Deutsche Bank, which he joined in 2005. He has previously also worked in structured lending for GE Commercial Finance in both India and Singapore.
Among the deals Credit Suisse has worked on in India this year are: Tata Motors' $750 million combined issue of global depository receipts and convertible bonds; a $108 million GDR for wind turbine manufacturer Suzlon Energy; a $575 million qualified institutional placement for property developer Unitech; and ICICI Bank's recent $750 million six-year bond issue.