MUMBAI, March 18 (Reuters) - Wall Street bank Morgan Stanley on Thursday named P.J. Nayak, the former head of India's Axis Bank, as its new country head and chief executive for India.
Nayak, who stepped down in April 2009 after nine years with Axis Bank, will take up his new post on April 5, Morgan Stanley said. He replaces Narayan Ramachandran, who quit in January.
Nayak was currently working as an operating partner at Advent International Private Equity and non-executive chairman of Motilal Oswal Asset Management Company, said the Morgan Stanley statement.
Foreign banks are looking to boost their presence in India, as companies in Asia's third-largest economy look to grow their businesses overseas through acquisitions and tap the capital market.
Bank of America Merrill Lynch said last week it was hiring JP Morgan's India equities head to run the bank's operations in the country.
(Reporting by Tony Munroe, additional reporting by Sumeet Chatterjee; Editing by Aradhana Aravindan)
((sumeet.chatterjee@thomsonreuters.com; +91-80-3982 7450; Reuters Messaging: sumeet.chatterjee.reuters.com@reuters.net)) (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Nayak, who stepped down in April 2009 after nine years with Axis Bank, will take up his new post on April 5, Morgan Stanley said. He replaces Narayan Ramachandran, who quit in January.
Nayak was currently working as an operating partner at Advent International Private Equity and non-executive chairman of Motilal Oswal Asset Management Company, said the Morgan Stanley statement.
Foreign banks are looking to boost their presence in India, as companies in Asia's third-largest economy look to grow their businesses overseas through acquisitions and tap the capital market.
Bank of America Merrill Lynch said last week it was hiring JP Morgan's India equities head to run the bank's operations in the country.
(Reporting by Tony Munroe, additional reporting by Sumeet Chatterjee; Editing by Aradhana Aravindan)
((sumeet.chatterjee@thomsonreuters.com; +91-80-3982 7450; Reuters Messaging: sumeet.chatterjee.reuters.com@reuters.net)) (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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