former-uti-bank-ceo-nayak-to-join-advent

Former UTI Bank CEO Nayak to join Advent

In advance of opening a full-fledged India office, financial sponsor Advent appoints P J Nayak, previously with UTI and Axis, as an operating partner.

Private equity firm Advent International has hired P Jayendra Nayak to advise on investment opportunities in India. Nayak was until recently chairman and CEO of Axis Bank formerly UTI Bank, the third largest private sector bank in India.

Nayak will join Advent's operating partner programme. He will help the Boston-headquartered financial sponsor to develop its business in India and will also focus on investments in the financial services sector.

Nayak's departure from Axis Bank in April this year was high profile. His term at the helm was due to end on July 31, but when the Axis Bank board proposed to appoint the head of ICICI Prudential Life Insurance, Shikha Sharma, as managing director...

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