Bank of America Hires Anshul Gupta to Lead India Investment Banking

Bank of America Corp. is hiring Anshul Gupta from Avendus Capital Pvt. to lead its investment banking unit in India, according to people familiar with the matter, as the US lender seeks to rebuild its dealmaking franchise in one of the world’s fastest-growing major economies.

Gupta, a managing director at Avendus, is set to join Bank of America after completing regulatory and contractual obligations, the people said, asking not to be identified discussing private information.

He spent three years at Avendus and previously worked at Citigroup Inc., according to his LinkedIn profile. Gupta is regarded as one of Avendus’s most senior dealmakers and has built deep relationships with founders, private equity firms and large corporate groups.

Spokespersons for Bank of America and Avendus declined to comment. Gupta didn’t respond to requests for comment.

Gupta’s departure adds to the high-profile exits from Avendus since Japan’s Mizuho Financial Group Inc. agreed to acquire a controlling stake in the firm, one of the largest foreign investments in an Indian financial-services company.

The move is among the most significant senior banking hires in India this year and comes as global lenders compete for a larger share of a market that has emerged as a bright spot for mergers and acquisitions, equity fundraising and cross-border transactions.

For Bank of America, the hire marks a fresh effort to strengthen an investment banking franchise that has lost ground to rivals in recent years. The lender has also emerged from a period of regulatory scrutiny, including a settlement with the Securities and Exchange Board of India over allegations that it failed to maintain digital records required under insider-trading rules.

The New York-based bank has historically been a major player in India’s deal advisory business, but it faces intense competition from JPMorgan Chase & Co., Morgan Stanley, Citigroup and Goldman Sachs Group Inc., all of which have invested heavily in expanding their local franchises.