Aussie banks are growing in India but they’re not taking too much talent from Down Under with them.
Macquarie Bank is expanding its retail and structured products divisions, a sign of where it sees potential for growth. The four majors are divided between disinterest (Commonwealth and NAB) and active plans (Westpac and ANZ).
“From a property and infrastructure perspective, India is massive and its retail potential is simply incredible,” says Oliver Darkes at recruiter Carmichael Fisher.
Other financial institutions, like AMP Capital, have created India funds, chasing glittering returns. “These will require staff, and while they might import people, they’re more likely now to use the strong local resources,” says Christine Kwan at recruiter Derwent Executive.
RBOS has gone directly to local bankers to build its teams, recently announcing a series of appointments.
Manoj S. Agarwal will become head of global corporate finance for India, Anjani Kumar and Dilip Kadambi will head M&A and equity capital markets respectively, with Varsha Valecha a business leader in the ECM team. All have years of local banking experience.
But not many banks send foreign staff to India now. As David Miles, COO at JPMorgan, says, “India has a highly educated population. The majority of our hires are local. We send in very few expats.”
So, unpack your bags.