HSBC’s investment banking head and country vice chairman for India has stepped down.
Sunil Sanghai, who took on the senior position last year, has joined Mumbai-based tax consultant Dhruva Advisors to establish and build a merchant banking division. He had been with the London headquartered bank since 2010.
Prior to joining HSBC, he worked as Goldman Sachs' managing director and co- head for investment banking and also has had stints with Morgan Stanley and JM Financial.
Biggest Revenue Generator
Investment banking is the biggest revenue generator for HSBC in India. In the first half of 2017, the bank’s global banking and markets unit in the country brought in $187m in pre-tax profits.
Swiss banking giant UBS also saw a change at the top in its Indian investment bank unit earlier this year. Former U.K. bank Barclays managing director and head of structured finance in India, Anuj Kapoor joined UBS as the head of its investment banking division.
