Merrill Lynch to invest $1m in India

30 March 2007

Merrill Lynch is to invest $1 billion in the Indian banking market as part of its plans to expand its interests in the fast-growing sector, according to newspaper reports.

According to an unnamed source talking to the Financial Express, the bank's investment will be over a two-year period and will chiefly be earmarked for development and marketing of new financial products and establishing a larger private banking presence.

The bank also reportedly intends to expand its India-based workforce of analysts, equity experts and investment bankers.

The expansion plans from Merrill Lynch follow the loss of top ranking staff from the bank's India unit in recent months, with Amit Chanra, Sanjay Sharma, and Munesh Khann all resigning from their positions as head of global markets, head of equity capital markets and managing director respectively.

Recently Merrill Lynch has faced increasing competition in India, with Citigroup this week identifying the market as a key area for expansion following the addition of 4,000 employees to its workforce last year.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development