(Bloomberg) – Bank of America Corp is rebuilding its India Investment Banking Team, who is rebuilding its India investment banking team after investigating senior resignations on share and share sale last year.
The Wall Street firm is interacting with senior bankers in rival firms, who have to fill the major deal advisory roles, including the head of the business of their capital markets, people said, said, not to be identified to discuss personal information. Replacement was already in hold as the bank reviewed its internal processes after an alleged violation of share sales rules.
The US Bank is now looking to increase the operation and re -acquiring the lost ground after naming Vikram Sahu – the global head of equity research – as New India Country Head, and has completed review of his processes. The bank has also chosen Mandar Donde, a bofa veteran in Singapore, to lead its investment banking works in the South Asian nation since April.
Bofa’s India Unit suffered a major setback in November when three top dealers excluded the firm amidst internal investigation into alleged misconduct related to Stock Prasad. He was the head of the firm’s investment banking, the country of the global capital markets and a director in the investment banking unit.
The investigation investigated whether the firm’s employees had violated the regulatory criteria during the equity transactions, including a share sale of Rs 15 billion ($ 174 million), which is the sale of sales by Aditya Birla Sun Life Asset Management Company.
India’s market regulator – Securities and Exchange Board of India – also sought details from Bofa in early September, according to people.
A bofa spokesman refused to comment, while a representative of SEBI did not respond to the requests for the comment.
The Bank of America, which began operating in India in 1964, provides investment banking services to corporates with revenue above $ 2 billion, financial institutions and government institutions, according to its website.
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