SYNOPSIS
Rahul Bahety, a former director at Credit Suisse India’s investment banking division, had quit the firm in November

Mumbai: IndusInd Bank has roped in Rahul Bahety, the former director of Credit Suisse’s investment banking division, to co-head the Hinduja Group-promoted lender’s corporate finance division, two people in the know said.

Bahety put down his papers in November at Credit Suisse and has since been on gardening leave, the people said seeking anonymity. He is expected to join IndusInd Bank soon.

“Compared to other domestic banks such as ICICI, Kotak or Axis, IndusInd doesn’t have a significant presence in the investment banking space. It now plans to build the vertical. Bahety will build the M&A, private placement and structured lending practices for the investment banking unit," one of the two people said.

IndusInd Bank is looking to leverage its strong relationship with mid-market Indian corporates to drive its investment banking business, he added.

“It also plans to add equity capital markets capabilities to the investment bank at a later stage," the person said.

With over 12 years behind him at Credit Suisse, Bahety advised clients on various transactions such as merger and acquisitions, private equity fundraising and dollar bonds issuances, and promoter financing.

In November, Mint had reported that the Indian unit of Credit Suisse saw the exit of several senior executives at a time the Swiss bank is navigating a massive global restructuring.

Gaurav Pradhan and Rahul Bahety, the co-head and director, respectively, of the India investment unit of Credit Suisse were among those who had put in their papers.

The Mint report also said that a few junior level executives were also on their way out.

Email queries sent to IndusInd Bank did not elicit any response till press time, while calls and text messages to Bahety went unanswered.

Courtesy: Mint