Abn Amro Corporate Banking Chief Quits

ABN Amro's head of corporate banking (Western region), Raveendra Kumar, has decided to step down in favour of an assignment with Credit Lyonnais as executive vice-president.

In his new stint, Kumar would be the Indian head of Credit Lyonnais' corporate finance division, and would be responsible for the launch and management of all products of Credit Lyonnais in India.

The bank would focus on syndication and the debt market, among other things. Kumar confirmed the development, but declined to make further comments.

Credit Lyonnais is looking at expanding its presence in India through an aggressive marketing plan. As part of its growth strategy, the global banking firm is planning to strengthen its business relations with corprorate majors such as Reliance, Larsen & Toubro and Ford India, among others.

Kumar joined ABN Amro six years ago as a senior accounts manager, before climbing up the ladder to head the corporate finance portfolio for the Western region in a short span of time.

He was responsible for assisting corporates such as Reliance, Mahindra & Mahindra, Ford, Gujarat Ambuja Cements in a few major fund-raising programmes, banking sources said.

During his tenure as head (corporate banking) of the bank, ABN Amro has developed corporate banking activities in the western region in a big way.

As part of a consortium with other banks, ABN Amro has just concluded the $500 million loan syndication of Reliance Petroleum.

It is also understood to be closely working with L&T for its external commercial borrowing programme.