Eight ABN Amro M&A top brass quit
It’s time for a fresh round of churn in the investment banking industry. Eight top executives have resigned, reports Indulal PM.india Updated: Apr 29, 2008 00:27 IST
It’s time for a fresh round of churn in the investment banking industry. Eight top executives from ABN Amro’s investment banking division in India have quit, according to sources familiar with the matter. This includes Dutch Bank’s investment banking head, Sangameswaran Manikkan.
Other executives, who have put in their papers, include Nitin Bhatia and Kanishka Ghoshal. They were part of the bank’s Mumbai office. Ashish Gupta, who was based at ABN Amro Delhi office, has also called it a day. These executives are moving to US infrastructure fund, Babcock & Brown which is planning to invest in the fast-growing infrastructure sector in India. The US fund manages around asstes worth $31 billion (Rs 1.24 lakh crore).
Frank Hancock, MD, ABN Amro, Asia Corporate Finance, confirmed the development. “A few people from our M&A operations have left over the last month. However, we have a strong pipeline of deals and are currently working on 11 live transactions. We moved quickly to plug the gap and re-constituted the team. We have a strong 15 member team now," said Hancock, who heads the I-banking team of ABN Amro. Sangameswaran Manikkan was not available for comments. Sumit Ganguly is tipped to takeover from Manikkan as the head of M&A for India.
The Dutch bank has been part of major global acquisitions by Indian companies last year. ABN Amro was the advisor for Tata Steel’s acquisition of Anglo-Dutch steel maker Corus for $12.3 billion. The bank had also financed AV Birla group's Hindalco for its acquisition of Canadian Aluminium maker Novelis. ABN Amro was also involved in deals consummated by Suzlon-RE Power and GMR group.