Abn Amro Director Shifts Loyalties To Pwc

ABN Amro managing director (corporate finance), Mark Silgardo, is joining PricewaterhouseCoopers (PwC) as executive director (corporate finance). Confirming the development, Silgardo told Business Standard: "Yes, I am joining PwC. I will take up my new assignment by November 1, 2001."

At PwC, Silgardo will be responsible for its investment banking activities including mergers & acquisitions and equity placement in the country.

He will also be heading the Mumbai office of PwC's financial advisory services practice which includes project finance and privatisation, corporate value consulting and business restructuring and recovery services.

At the moment, the corporate finance team of PwC is working under Ashwani Puri, a partner in the consultancy firm who is the PwC India corporate finance head. "Puri is based in Delhi. PwC did not have a partner level functionary in Mumbai where most of the action in corporate finance is happening. It was, therefore, decided to bring Silgardo on board," sources said.

Silgardo, who has an MBA degree in marketing from IIM Ahmedabad and another MBA degree in finance from University of Rochester, New York, is joining PwC as an executive director and not as a partner.

"Only chartered accountants can become partners and Silgardo is not one. However, his post is at par with a partner," sources added.

When asked why he was making the Switch, Silgardo said that the PwC appointment offers a wider scope. "ABN Amro is focused on large mandates. Domestic investment baking calls for more involvement," he said adding: "At PwC, I will also be responsible for financial advisory services which is more in the nature of consulting."

Silgardo has been with ABN Amro for three years. Before that, Silgardo was heading the investment baking business of Kotak Mahindra.