In another case of high-profile exit in investment banking industry in India, Brijesh Koshal, MD & head-I Banking, Daiwa Capital Markets India, has put in his papers.
Prior to joining Daiwa, he was the Head of Infrastructure practice at Enam Securities. As an investment banker he has also worked with Taib Bank and India Securities Limited. He was part of Essar Power Limited as VP-Finance and also headed Banking Relationships for Essar Group.
Koshal has a total experience of about three decades in commercial banking, investment banking and in Corporate Finance. During his stint at Daiwa, he was involved with KEC International's $100-million acquisition of SAE Towers.
According to sources, he is likely to take a temporary break from the investment banking profession. Koshal could not be contacted for comments.
In 2011, Jaideep Goswami, MD and head of equities, Daiwa Capial Markets had quit the firm and joined with ICICI Securities.
During last couple of years, India Inc has witnessed senior-level churn at investment banking industry, mainly in area of merger & acquisitions.
Another Japanese firm-Nomura also saw the exits of senior bankers in India in 2011. Nomura Holdings' head of India investment banking, Nipun Goel, and two other senior investment bankers-Indraneil Borkakoty, head of India equity capital markets business, and senior M&A advisor Shubham Majumder also had left Nomura.
According to reports, Morgan Stanley’s chief operating officer in India, Nina Nagpal, has left the bank after her 13-year stint.
In last October, Ashok Mittal, head of investment banking for India, Swiss bank UBS AG had left the bank and ace banker-Manisha Girotra had quit UBS to head Moelis & Company's India operations.
Senior bankers who changed their high-profile jobs in recent past include Promit Ghosh, former M&A head, and Raj Kataria, former managing director and head of financial institutions group with Bank of America Merrill Lynch. Promit has joined with sovereign fund Temasek to head India operations.
Anshuman Thakur, a former director at NM Rothschild, had joined with Morgan Stanley while Sughosh Moharikar, managing director of investment banking at Credit Suisse India also had quit and joined Deutsche Bank.
Ganeshan Murugaiyan, former head of investment banking at UBS India has joined with BNP Paribas to head its I Banking division. Sunil Mehra, Managing Director in the Corporate Finance group at Standard Chartered had quit and joined with MAPE Advisory. Saurabh Agarwal, former head of investment banking, Bank of America Merrill Lynch, had
joined with Standard Chartered.