In a key internal rejig at top investment bank Citi, dealmaker Rahul Saraf has been elevated as the new head of investment banking for the firm's India operations, multiple industry sources with knowledge of the matter told Moneycontrol.
“Internally at Citi, key executives have been told about the move,” said one of the individuals cited above.
"At 46, he has a long runway and is ideally suited for the role with his experience across multiple sectors and strong relationships with business houses,” a second individual told Moneycontrol.
“A formal announcement can be expected shortly," said a third individual familiar with the transition.
Saraf will report to Citi veteran Ravi Kapoor who is the Head (banking, capital markets and advisory ) for Citi, South Asia.
All the three individuals above spoke to Moneycontrol on the condition of anonymity.
Citi confirmed the move in response to an email query from Moneycontrol. Moneycontrol could not contact Rahul Saraf for immediate comment.
Prior to this promotion, Saraf was a Managing Director with coverage responsibility for Indian conglomerates and broader industrials and infrastructure segments.
According to his LinkedIn profile, he has a total of 26 years of work experience, 16 of them with Citi. In his earlier stints, he has worked as an associate with JM Morgan Stanley for 5 years and prior to that, he was a senior consultant at Arthur Anderson for 5 years on tax, m&a and business advisory matters.
As an MD at Citi, the sectors under Saraf's watch have included energy, chemicals, metals/mining, power, renewables, mobility and transportation, ports, airports and roads. He is a Chartered Accountant and CFA and an alumnus of Shri Ram College of Commerce, Delhi, his Linkedin profile reveals.
Some of the key transactions which Citi India has advised on in the last year include the $2bn Sumitomo Mitsui-Fullerton India deal, the $2bn Barings PE Asia-Virtusa deal, the $850 million Total-Adani deal, the $1.5 billion PIF-Reliance Jio deal, the $3.5 billion Reliance-Future deal, the Rs 6,480 cr Gland Pharma IPO, the Rs 12,500 crore Axis Bank QIP and the Rs 7,000 crore BPCL treasury share block deal.
In other recent i-banking movements, on July 3,
2021, 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).