Bank of America is preparing to appoint Vikram Sahu as the new country executive for its India business, replacing Kaku Nakhate who has held the position for 15 years, according to internal communications reviewed by news agencies.
Sahu, currently head of global equity research based in New York, will relocate to India in the second quarter to assume leadership of the bank's India franchise, according to a company memo.
Nakhate will remain as chief executive officer of BANA India—the Bank of America regulated entity in the country—until the Reserve Bank of India approves Sahu's appointment. Following the transition, she will stay with the firm to focus on developing senior client relationships in the India business.
A spokesperson for Bank of America in India declined to comment on the leadership change when contacted by Reuters.
The leadership transition comes as the bank moves on from an internal investigation into allegations of wrongdoing involving stock offerings. Three India bankers left the company last year amid that inquiry, as reported by Bloomberg News.
According to his LinkedIn profile, Sahu has been leading equity research from New York since 2022 and previously worked with the bank in Hong Kong. Nakhate has served as the India country head since mid-2010.
Bank of America, one of the largest financial institutions in the United States, has maintained a significant presence in India's growing financial market. The change in leadership marks a notable shift after Nakhate's lengthy 15-year tenure heading the India operations.
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