Filling a noticeable gap in its global emerging markets franchise, ING Barings has hired Bank of America's BoA entire Indian investment banking team. The move follows BoA's decision in June to close its investment banking operations in Asia, affecting 55 staff in Bombay, Hong Kong and Singapore.
In truth, its Indian operations were an exception to the bank's failure elsewhere in the region and it is believed to have had 16 outstanding mandates when the announcement to close its office was made. These include the privatizations of Indian Airports and Madras Fertilizer, as well as MA deals for Indian Oil, Infosys and Wipro.
Just what will happen with these mandates has...
