Neelkanth Mishra, co-head of Asia Pacific strategy at Credit Suisse Group AG, has resigned from the company, according to a Bloomberg report quoting people familiar with the matter. It added that he is now set to join Mumbai-based Axis Bank Ltd.
After two decades at the Swiss bank, Mishra has agreed to helm Axis Bank’s research department, the report said. He is part of Indian Prime Minister Narendra Modi’s Economic Advisory Council and head of research at Credit Suisse’s local unit, according to the bank’s website.
The hiring is part of Axis Bank CEO Amitabh Chaudhry’s plans to bolster various businesses, including wealth management and investment banking business of the lender. Earlier this month, Axis Bank also completed the acquisition of Citigroup Inc’s India retail banking business for $1.4 billion earlier this month.
The deal, announced in March 2022, will see India’s third largest private sector bank absorbing Citibank’s consumer businesses covering loans, credit cards, wealth management and retail banking operations in India.
Axis Bank, on March 1, put out a video advertisement to welcome the 30 lakh plus customers of Citibank. “Finding the familiar in the new, is a wonderful thing. Welcome to a dil se open world that feels less new, more you,” Axis Bank tweeted on March 1.
The acquisition has taken almost a year, after being announced in March, 2022. Just days ago, Citibank took down its signboard from its landmark Kanak Building office on Kolkata’s Chowringhee road – the place where the bank started its operations in India in 1902. In 2021, Citigroup announced its plans of exiting 13 international consumer banking markets, shifting its focus to wealth management and away from retail banking in places where it is small.
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