India’s HDFC Bank has made three senior hires for its investment banking division as it continues to develop this part of its business.
According to a press release, Ajay Gupta is joining the firm to lead its infrastructure finance coverage, while Akshay Dixit will head up financial services within corporate finance. Abhishek Sharma will take charge of investment banking activities targeted at the healthcare and pharmaceutical sector and will hold the title of head of life sciences.
The bank, which is the second-largest private sector lender in India, said the hires will add strategic depth across these key business verticals.
“The appointments have been made keeping in mind the larger objective of growing our investment banking business. As we continue to strategically develop our capabilities and add depth to our team, the extensive relationships and industry knowledge which these three bring will enhance our ability to offer the best to our customers across sectors,” Rakesh Singh, HDFC Bank’s head of investment banking, said in a written comment.
Gupta joins HDFC Bank from GE Capital, where he spent three-and-a-half years, also focusing on infrastructure finance. A former Indian civil servant, Gupta’s experience also includes a close to six-year stint with the corporate and investment banking division at Wells Fargo’s Wachovia Bank, during which he set up its infrastructure finance business in India.
Dixit has previously spent seven years at MAPE Advisory Group where he headed the financial services, M&A and private equity funding advisory practice.
Sharma too was previously with MAPE Advisory Group where he completed several multi-million dollar M&As and private equity deals in the healthcare sector.
Revenues from ECM, DCM and M&A transactions in India fell 57% year-on-year during the first nine months this year to $194 million, according to Dealogic data. The M&A fee pool has suffered the most amid the sluggish deal flow and was down 70% at the end of September. Of the total revenues, DCM accounted for a record 53%, compared with just 40% in the same period last year. Revenues from M&A and ECM accounted for about 30% and 16% respectively.
HDFC Bank didn’t rank in the top 10 in either ECM, DCM or M&A in the first nine months.
