Morgan Stanley names ex-Axis Bank chief India head

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Wall Street bank Morgan Stanley on Thursday named PJ Nayak, the former head of India's Axis Bank, as its new Country Head and Chief Executive for India.

Nayak, who stepped down in April 2009 after nine years with Axis Bank, will take up his new post on April 5, Morgan Stanley said. He replaces Narayan Ramachandran, who quit in January.

Nayak was currently working as an Operating Partner at Advent International Private Equity and Non-Executive Chairman of Motilal Oswal Asset Management Company, said the Morgan Stanley statement.

Foreign banks are looking to boost their presence in India, as companies in Asia's third-largest economy look to grow their businesses overseas through acquisitions and tap the capital market.

Bank of America Merrill Lynch said last week it was hiring JP Morgan's India equities head to run the bank's operations in the country.