MUMBAI: Standard Chartered has hired a former Bank of America Merrill Lynch investment banker as head of corporate finance for South Asia, two sources with direct knowledge of the matter said on Friday.
Saurabh Agrawal, head of India investment banking at Bank of America Merrill Lynch, will head merger and acquisition and corporate advisory businesses in South Asia in his new role at Standard Chartered, the sources said.
UK-based Standard Chartered, whose India operations account for the biggest share of its profit, was ranked fourth in the M&A league table last year, according to Thomson Reuters data.
Agrawal will be based in Mumbai and report into Prahlad Shantigram, Standard Chartered's global head of merger and acquisitions, said one of the sources. Both the sources declined to be named as the information is not public yet.
Agrawal, who is expected to take up his new position in September, will replace V. Anantharaman, who has moved to being the South Asia co-head for wholesale banking at Standard Chartered.
The emerging markets specialist bank was lead adviser to Bharti Airtel in its $9 billion buy last year of Zain's Africa operations.
A Mumbai-based spokesman for Standard Chartered declined to comment, while officials at Bank of America Merrill Lynch could not immediately be reached.
Copyright Reuters, 2011
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