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| Ex-Axis Bank chief joins Advent Int'l as operating partner |
| BS Reporter / Mumbai Jul 15, 2009, 14:47 IST |
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Advent International, the global private equity firm, today announced that P Jayendra Nayak has joined Advent’s Operating Partner Programme to advise on Indian investment opportunities, especially those in the financial services sector, and the development of Advent’s business in India.
Nayak was formerly chairman and chief executive officer of Axis Bank, the third largest private sector bank in India.
During his time at Axis Bank (2000 - 2009), Nayak transformed it from a small operation comprising less than 100 branches and a deposit base of less than $1 billion into a profitable, full service commercial and retail bank with around 750 branches across India and a deposit base of approximately $ 21 billion.
Before joining Axis Bank, Nayak was the Executive Trustee of Unit Trust of India. He started his career in the Indian Administrative Service, culminating in his appointment as Joint Secretary, Government of India in the Department of Economic Affairs of the Ministry of Finance. During this period Nayak was a member of the Board of Directors of the Securities and Exchange Board of India (SEBI), the stock market regulator and he has also been a consultant with the World Bank and the Asian Development Bank.
Georg Stratenwerth, MD Advent International’s Indian operations, said, “Advent has been following the Indian market for some time and made its first investment in October 2007 in Computer Age Management Services (CAMS), a transaction processing company providing investor record keeping services for Mutual Funds and process outsourcing services to insurance companies in India.
Many businesses in India are seeking to accelerate their growth both domestically and internationally and we expect to see more investment opportunities as this Private Equity market matures.”
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