Gaurav Singhvi and Sarun Agarwal have been appointed as co-heads of the equity capital markets division within ICICI Bank Ltd.’s investment banking unit, according to Bloomberg. The changes in leadership come amid a surge in initial public offerings (IPOs) in India, driving a hiring spree within investment banks.
ICICI Bank plans to make 15 new hires in its investment banking division, including professionals for mergers and acquisitions, private equity, fundraising, sales, trading, and research functions. This expansion is part of the bank’s focus on strengthening its operations across key financial services areas.
Recent developments in the Indian banking sector also include reports that ICICI Bank’s Managing Director and Chief Executive Officer Sandeep Bakhshi was considering stepping down. However, JPMorgan’s head of equity capital markets in India, Abhinav Bharti, made headlines for returning to the bank after initially resigning in March. Bharti’s decision to stay at JPMorgan followed the withdrawal of his expected successor, Arvind Vashistha.
Despite other markets experiencing volatility during the first quarter of 2024, India’s IPO scene has remained resilient. The country’s stock market surpassed Hong Kong to become the fourth-largest globally in January. ICICI Securities’ strong performance in equity and rights offerings during this period further underscores the bank’s position as a major player in India’s competitive investment banking landscape.
