Jain set to join global bankers of Indian origin league

Anshu Jain, head of global markets and a member of the group executive committee (GEC) of Deutsche Bank, is fast emerging as the new Indian global banker joining the league of Rana Talwar, Aman Mehta and Victor Menezes.

As a member of the GEC, Jain, 41, has been made responsible for south Asia with immediate effect. This means Jain will oversee the bank's operations in India, Pakistan and Sri Lanka. He has taken over from Juergen Fitschen, GEC member and head of the bank's global banking division. Fitschen retains the GEC responsibility for the bank's north Asian business.

Jain has been with Deutsche Bank since 1995 and has been head of global markets since January 2001.

With his new assignment, Jain is looking forward to further developing Deutsche Bank's growing franchise in India. "I am excited at the prospect of further enhancing the delivery of our global capabilities to our Indian clients whose needs are getting increasingly sophisticated. India is fundamental to Deutsche Bank's global strategy," he told Business Standard.

This is significant, particularly in the context of new norms for foreign banks operations in India. The government has allowed foreign banks to float 100 per cent subsidiaries in India and given them the choice of operations through branch network or subsidiary.

Gunit Chadha, chief executive officer in India, said the bank's businesses in India have seen consistent growth. It has been involved in transactions like the $178 million Reliance Energy foreign currency convertible bond (FCCB), the $100 million Bharti Televentures FCCB, the acquisition of FLAG Telecom by Reliance Infocom, and the $300 million eurobond issue of ICICI Bank.

Deutsche Bank operates in India with a staff strength of around 500 people through its five branches in Mumbai, Delhi, Bangalore, Chennai and Kolkata. Its business divisions are global markets, global corporate finance, global relationship management and transaction bank, global equities, private wealth management and asset management.

Its post-tax profits have grown from Rs 94.2 crore in 2000-2001 to Rs 122.98 crore in 2001-2002 and Rs 170.63 crore in 2002-2003.

Chadha joined the bank board in August last year as CEO. It also appointed Nikhil Kapadia (head "� private wealth management) in January and Sanjay Agarwal (head "� global corporate finance) in February.

With approximately ¤864 billion in assets and 68,500 employees, Deutsche Bank offers its 13 million clients financial services in 76 countries throughout the world. In the Asia Pacific region, it has over 30 offices in 15 countries with more than 5,900 staff.