Bank of America Merrill Lynch has hired Sanjiv Malhotra to manage the risk function for India, in the capacity of country risk manager. The announcement was made internally by BoA Merrill in a joint memo from Rahul Singhal, chief risk officer for Asia-Pacific, Barbara Taylor, senior credit risk executive for Asia-Pacific, and Kaku Nakhate, country head for India. Malhotra will also become a member of the India country leadership team chaired by Nakhate. He is based in Mumbai and reports to Singhal and Taylor.
Malhotra will be responsible for the India risk function, including the development of the country's risk strategy in alignment with the regional and corporate risk strategy. He will also oversee each of the country's risk functions, including credit risk, market risk, operational risk and compliance. These functions will have a dotted reporting line to Malhotra. He will also manage the portfolio risk and credit approval responsibilities for the bank's corporate lending activities in India.
Malhotra brings to his new role 35 years of experience across Indonesia, India, Thailand, the Philippines, United Arab Emirates, Canada and the UK. He joins from the Danamon Group in Indonesia where he was chief risk officer and a board member. Before he joined Danamon, Malhotra spent 20 years at Citi in various business and risk roles in India, Thailand and the UAE, including most recently as chief officer of Citi private bank in India. He was also previously the regional risk head of corporate and investment banking at Citi covering India, Sri Lanka, Bangladesh and Nepal.