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Exclusive: Prateek Indwar and Supratim Sarkar quit SBI Capital Markets; Gaurav Sood of I-Sec may come on board

The domestic investment banking fraternity has seen several elevations, exits and internal rejigs earlier in the year at firms such as Citi, Kotak and Morgan Stanley.

November 18, 2021 / 06:20 PM IST
Representative image

Representative image

Two senior executives at SBI Capital Markets, the wholly- owned investment banking and corporate advisory subsidiary of PSU lending behemoth SBI - namely Prateek Indwar and Supratim Sarkar, have resigned, sources in the know told Moneycontrol.

Indwar, EVP and Group Head (Investment Banking) at the firm and an IIT Kanpur and IIM Calcutta alumnus, is moving on after a stint of 2 years and 7 months.

“Indwar’s notice period will be completed this month and he is headed to IndusInd Bank to lead the investment banking vertical,” said one of the persons cited above.

A second person added, “Post joining, additionally, he is also likely to be closely involved with the private sector lender’s potential initiatives or forays into non - core banking areas and ancillary activities. For instance, mutual fund, insurance and other segments.”

In a career spanning over 30 years, Indwar has had previous stints at IDFC First Bank (Head I-Banking & Co-Head, Corporate Banking), ICICI Bank (Head, International Banking –Strategy & Business Development), ICICI UK Plc (Head (Corporate and Investment Banking), Bank of America (two stints as Senior Investment Banker & Principal and Vice President) and GE Capital (Vice President & Region Head) .

So who is likely to replace Indwar at SBI CAPS?

“Gaurav Sood, Co-Head, Syndication at investment bank ICICI Securities has stepped down and post the completion of his notice period is likely to take up the role of Indwar at SBI Capital Markets in February 2022,” a third person told Moneycontrol.

Sood has spent 7 years and 4 months at ICICI Securities. Prior to this, he has had stints at Elara Capital, Morgan Stanley, ICICI Bank & Kotak Securities.

The second senior executive to put in his papers at SBI Capital Markets, Supratim Sarkar, EVP and Group Head (Project Advisory & Structured Finance Group) will be with the firm till March, 2022.

The Economic Times was the first to report his exit. Prior to joining SBI Capital Markets, Sarkar had stints in the merchant banking and project appraisal division at IDBI and as an engineer at Hindustan Aeronautics.

A fourth person said, “Sarkar is a senior banker who has been around for more than 2 decades at SBI and his vertical is the biggest revenue generator.” Sarkar’s future plans were not immediately clear.

All the four persons above spoke to Moneycontrol on the condition of anonymity.

In response to a detailed email query from Moneycontrol, SBI Capital Markets said, “It is not very unusual for senior management to move on and explore newer growth opportunities and such movements are treated by us as usual, in the normal course of business.”

It added, “The Project Advisory & Structured Finance (PA&SF) team will continue to be headed by an Executive Vice President and further, as an institution, we have a deep bench of talent and more than ample number of senior resources in each of the verticals. This, being an internal matter, we are not inclined to comment on specific names and any other details, as listed by you. “

When contacted, ICICI Securities, Prateek Indwar, Supratim Sarkar and Gaurav Sood declined to comment. Moneycontrol is awaiting an email response from IndusInd Bank and has sent reminders. This article will be updated once we hear from the firm.

The SBI CAPS strategy

Incidentally, Rakesh Joshi, the EVP & Group Head (Debt Capital Markets), the third vertical in SBI Capital Markets, is scheduled to retire in December. Arnab Choudhury, had joined the firm as an EVP (Debt Capital Markets) in August after a 15-year stint at Standard Chartered Bank.

In an interview to Mint in September, Arun Mehta, the CEO at SBI Capital Markets, had said that the firm was open to hiking its stake in JV partner & financial services firm Investec Capital Services, subject to a nod from the RBI. “Investec has more than adequate relationships, and that has given us the required edge in institutional sales,” Mehta had said.

Churn in the I-banking fraternity

In other I-banking movements during the year, on July 3, Moneycontrol had reported that Morgan Stanley may hire Shailendra Sabhnani of Kotak to head its real estate vertical and that Kotak’s BFSI head Kaushal Shah would soon take over as the firm’s new head (ECM origination).

Later on July 22, Moneycontrol was the first to report that Rahul Saraf was elevated as the new head of investment banking, India at Citi.

Saraf will report to Citi veteran Ravi Kapoor who is the Head (banking, capital markets and advisory) for Citi, South Asia.
Ashwin Mohan
first published: Nov 18, 2021 06:20 pm