ICICI Bank Ltd. has appointed two senior bankers as co-heads of the equity capital markets division within its investment banking unit, as reported by Bloomberg. Gaurav Singhvi and Sarun Agarwal assumed their new roles on May 1, following the departure of Pratik Loonker, who left to join rival firm Axis Capital Ltd. The information was shared by anonymous sources familiar with the matter, as they are not authorized to speak publicly. ICICI declined to comment on the appointments.
Singhvi brings over six years of experience at ICICI Securities Ltd., with prior stints at IIFL Capital Ltd. and JPMorgan Chase & Co. Agarwal, on the other hand, has been with ICICI Securities for more than two years. These changes in leadership come amidst a hiring spree within investment banks in India, driven by a surge in initial public offerings (IPOs) in the country.
ICICI Bank plans to make 15 new hires in its investment banking division to bolster its mergers and acquisitions, private equity, and fundraising activities. Additionally, the bank intends to bring on another 15 professionals in sales, trading, and research functions. In January, Bloomberg reported on these expansion plans, highlighting the bank’s focus on strengthening its operations across key financial services areas.
Recent developments in the Indian banking sector also include the denial of reports suggesting ICICI Bank’s Managing Director and Chief Executive Officer Sandeep Bakhshi was considering stepping down. Amidst industry movements, 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, who opted to remain at Citigroup Inc.
Unlike other markets, India’s IPO scene has remained resilient, with the country’s stock market surpassing Hong Kong to become the fourth-largest globally in January. ICICI Securities’ strong performance in equity and rights offerings during the first quarter of 2024 further underscores the bank’s position in the competitive investment banking landscape.